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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

13 mins ago - Health

CDC looks at tougher testing rules for international travelers

Travelers with their luggage arrive at a COVID-19 testing location at the airport in Los Angeles, Calif., on Nov. 23, 2021. Photo: Frederic J. Brown/AFP via Getty Images

The Centers for Disease Control and Prevention said Tuesday night that it is working to impose stricter testing requirements for international travelers due to the spread of the new Omicron variant.

The big picture: The new rules would require all international travelers, regardless of vaccination status, to show a negative test taken a day before their flight to the U.S. Currently, the CDC says fully vaccinated travelers are allowed to show a test taken no more than three days before their departure, AP reports.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.

Electric car prices could go up before they come down

Illustration: Eniola Odetunde/Axios

The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.