Trump considering temporary payroll tax cut to stimulate economy
Trump weighing options to boost US economy but tamps down recession fears
President Trump acknowledged Tuesday that he is weighing options to boost the U.S. economy, including a temporary payroll tax cut. However, he also attempted to ease any fears of a looming recession. “We’re looking at various tax reductions,” Mr. Trump told reporters at the White House on Tuesday. “But I’m looking at that all the time anyway." The president added: “We’re very far from a recession.” Trump also continues to press the Federal Reserve to cut interest rates. Despite the president's optimism, growth in the American economy appears to be slowing. The nation's gross domestic product grew at an annualized rate of 2.1 percent in the second quarter, down from a 3.1 percent growth rate in the prior quarter, according to July data released by the Commerce Department.
President Trump acknowledged Tuesday that he is weighing options to boost the U.S. economy, including a temporary payroll tax cut. However, he also attempted to ease any fears of a looming recession. “We’re looking at various tax reductions,” Mr. Trump told reporters at the White House on Tuesday. “But I’m looking at that all the time anyway." The president added: “We’re very far from a recession.” Trump also continues to press the Federal Reserve to cut interest rates. Despite the president's optimism, growth in the American economy appears to be slowing. The nation's gross domestic product grew at an annualized rate of 2.1 percent in the second quarter, down from a 3.1 percent growth rate in the prior quarter, according to July data released by the Commerce Department.
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