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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

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.

Mike Allen, author of AM
21 mins ago - Politics & Policy

Charles Koch: "I screwed up"

In his first on-camera interview in four years, Charles Koch told "Axios on HBO" that he "screwed up by being partisan," rather than approaching his network's big-spending political action in a more nonpartisan way.

Why it matters: Koch — chairman and CEO of Koch Industries, which Forbes yesterday designated as America's largest private company — has been the left's favorite face of big-spending political action.

Caitlin Owens, author of Vitals
2 hours ago - Health

What overwhelmed hospitals look like

A healthcare professional suits up to enter a COVID-19 patient's room in the ICU at Van Wert County Hospital in Ohio. Photo: Megan Jelinger/AFP

Utah doctors are doing what they say is the equivalent of rationing care. Intensive care beds in Minnesota are nearly full. And the country overall continues to break hospitalization records — all as millions of Americans travel to spend Thanksgiving with friends and family.

Why it matters: America's health care workers are exhausted, and the sickest coronavirus patients aren't receiving the kind of care that could make the difference between living and dying.