Washington — The federal government scrambled to minimize the economic fallout from the spreading coronavirus as financial markets fell off a cliff on Monday, with President Trump convening his top economic advisers in Washington and the Republican chairman of the Senate Finance Committee signaling a willingness to provide tax relief to soften the blow.

The president planned to meet with top economic adviser Larry Kudlow, Treasury Secretary Steve Mnuchin and others at the White House upon his return from Florida on Monday afternoon. The officials will present recommendations for temporary, targeted financial measures, according to a source familiar with the plans.

Meanwhile, Senator Chuck Grassley, the Finance Committee chairman, is considering “targeted tax relief measures,” a committee spokesman said. The spokesman did not specify what kind of tax relief senators might be considering, or provide a timeline for when lawmakers might take up the matter.

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[Source: CBS News]