The White House plans to announce a 'very dramatic' economic plan as the coronavirus raises recession fears. Here are the 4 steps it could take.

Trump has repeatedly teased the prospect of a payroll-tax cut in recent days. There have been signs of bipartisan support for such a policy, though Democratic leaders said Monday they had not yet been in touch with the White House.

But with the federal budget deficit set to top $1 trillion this year, there is some debate among White House officials about what size any package should be. And because payroll-tax cuts directly aid only those who are employed, their reach would be limited in a downturn.

Both the White House and key members of Congress have raised the possibility of federal aid for the cruise, travel, and airline industries in recent days. Those industries have been hit particularly hard by COVID-19, which has led to international restrictions on travel and commerce.

The aid could happen through tax deferments, the White House official told Markets Insider, but other proposals remained under consideration early Tuesday.

The proposal could also seek to extend credit to the small businesses that tend to have some of the slimmest margins. The White House has indicated Small Business Administration loans could be expanded even further during the COVID-19 outbreak. In an emergency funding package passed last week, lawmakers included billions in low-interest SBA loans.

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