- Congressional leaders are looking into emergency measures to blunt the economic pain of the coronavirus.
- Current proposals range from tax deferments to the expansion of paid sick leave.
- The proposals have become the latest sign of growing concern in Washington as the respiratory illness COVID-19 spreads.
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Congressional leaders are looking into emergency measures to blunt the economic pain of the coronavirus, with proposals ranging from tax deferments to the expansion of paid sick leave.
Michael Zona, a spokesperson for the Senate Finance Committee, said Monday afternoon that its Republican chairman "is exploring the possibility of targeted tax-relief measures that could provide a timely and effective response to the coronavirus."
"Several options within the committee's jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy," Zona said in an email to Business Insider.
The announcement was the latest sign of growing economic concern in Washington as the respiratory illness COVID-19 spreads. Economists have dimmed growth forecasts for the largest economy in recent days, prompting emergency action from the Federal Reserve and sending financial markets reeling.
The number of confirmed cases in the US has risen sharply in recent days to above 500, adding to a wave of costly restrictions on travel and business activity. Global supply chains have also been upended, with more than 109,500 sickened globally.
The Trump administration is also holding discussions on a plan to address the economic impacts of COVID-19, according to a senior administration official, even as the president publicly downplays the outbreak. The White House press office declined to comment on ongoing policy deliberations.
Over the weekend, Democratic leaders pressed for a policy that would expand paid sick leave and other protections for workers who were stuck at home during the outbreak.
"In light of reports that the Trump administration is considering new tax cuts for major corporations impacted by the coronavirus, we are demanding that the administration prioritize the health and safety of American workers and their families over corporate interests," Senate Democratic Leader Chuck Schumer and House Speaker Nancy Pelosi said in a joint statement.
Contact this reporter at gheeb@businessinsider.com.