Trump to propose $850B stimulus for coronavirus response

The Trump administration will seek approval of a roughly $850 billion emergency stimulus package from Congress in order to ease the economic impact of the coronavirus, a senior administration official confirmed on Tuesday.

The development was first reported by The Washington Post.

The senior administration official stressed that the proposal is a tax proposal, not a spending stimulus as Senate Minority Leader Charles Schumer (D-N.Y.) is proposing. The Post reported that the stimulus package could include a payroll tax cut and is expected to include about $50 billion to help...