President Trump will meet with his economic advisers at the White House on Monday afternoon to discuss possible stimulus packages as the deadly coronavirus outbreak and an oil price war between Russia and Saudi Arabia triggered a massive stock sell-off.
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A senior administration official told FOX Business that Trump and members of his economic team will weigh various options, though it's unclear what the measures may look like.
One idea being considered is paid sick leave for individuals who need to miss work because of the coronavirus, which causes a disease known as COVID-19. The administration is also weighing deferred tax payments for those within the travel industry, such as the airlines and cruise lines, which are expected to take a hit from the virus.
The White House is stressing that any relief would need to be "targeted, timely and temporary" but it could go to individuals, businesses or industries.
So far, the virus has killed close to 3,800 people, with about 109,000 cases reported worldwide, mostly in China. So far, there have been a total of 539 confirmed cases of coronavirus in the U.S. and 22 deaths.
It's also unclear whether movement in the oil markets will impact the administration's economic policy. Crude prices tumbled on Monday after an OPEC deal disintegrated, prompting Saudi Arabia to slash prices and reportedly increase its output, according to a Reuters report.
The price war, combined with the coronavirus outbreak, sent the S&P 500 plummeting more than 7 percent on Monday, triggering so-called circuit breakers that prevent further dropping.
"Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!" Trump wrote on Twitter.
Last week, Trump's chief economic adviser, Larry Kudlow, told FOX business the administration is weighing a "timely and targeted micro approach."
"Some of the sectors might need some temporary assistance," Kudlow said. "I look at it as targeted and timely and I think that would be the most effective response, but we don’t want to act prematurely because today’s numbers show that the U.S. economy is in very good shape."
Payroll data released just hours before Kudlow’s comments showed U.S. employers added a better-than-expected 273,000 jobs in February while unemployment fell back to 3.5 percent, a half-century low. Companies, by and large, were surveyed about their payroll before the virus began to impact growth.
Trump is expected to return to the White House around 3:45 p.m. ET.