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Photo: Saul Loeb/AFP via Getty Images

President Trump said at a press conference Monday that he will be meeting with Senate Republican leaders tomorrow to discuss proposals for a "very substantial" payroll tax cut and relief for hourly workers in order to stem economic damage from the coronavirus outbreak.

The big picture: Spiraling concerns over the global impacts of the coronavirus have sent the stock market into free fall, with some investors increasingly worried that a recession is inevitable. Stocks closed 7% down on Monday amid coronavirus fears and tanking oil prices, capping the most dramatic day since the depths of the financial crisis.

What they're saying: Trump — who did not address any public health solutions to the outbreak — left without taking questions and said he would hold another news conference on the economic proposals on Tuesday. The White House has pledged to address the impact on business but also workers who have to stay home.

  • Vice President Mike Pence, who is leading the coronavirus response task force, said the risk to the American public of contracting the virus remains "low."
  • Treasury Secretary Steve Mnuchin said the outbreak "is not like the financial crisis, where we don’t know the end in sight." "This is about providing proper tools and liquidity to get through the next few months," he said.

CPAC case: During the briefing, there were questions about whether Pence and Trump had been exposed to a coronavirus patient at CPAC 2020 last month, as several lawmakers went into self-quarantine after coming into contact with the person at the conference. The vice president said that he had not yet taken a test.

  • The White House released a statement later Monday saying, "The President has not received COVID-19 testing because he has neither had prolonged close contact with any known confirmed COVID-19 patients, nor does he have any symptoms. President Trump remains in excellent health, and his physician will continue to closely monitor him."

Go deeper:

Editor's note: This article has been updated with more comment from the news conference and the White House statement.

Go deeper

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

4 hours ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.