Trump urges Congress to approve payroll tax cut until year's end

'Only that will make a big difference'

President Trump urged Congress on Friday to approve a payroll tax cut until the end of the year, as the novel coronavirus continues to weigh on the U.S. economy.

"If you want to get money into the hands of people quickly & efficiently, let them have the full money that they earned, APPROVE A PAYROLL TAX CUT until the end of the year, December 31,” Trump wrote in a tweet. “Then you are doing something that is really meaningful. Only that will make a big difference!”

In a rare Oval Office address on Wednesday, Trump called on Congress to pass a cut to the federal payroll tax in order to stimulate the economy. That idea, however, has been dismissed by many lawmakers on both sides of the aisle.

Also on Friday, Trump renewed his calls for the Federal Reserve to lower its key interest rate to better position the U.S. economy globally.

"The Federal Reserve must FINALLY lower the Fed Rate to something comparable to their competitor Central Banks. Jay Powell and group are putting us at a decided economic & physiological disadvantage. Should never have been this way. Also, STIMULATE!"

The Associated Press contributed to this report