Trump to consider not signing coronavirus relief bill without payroll tax cut

President Trump defends response to COVID crisis in exclusive interview with Chris Wallace

Part 1 of Chris Wallace’s exclusive interview with President Trump on ‘Fox News Sunday.’

President Trump would consider "not signing" a fourth round of coronavirus relief funding if it doesn't include a payroll tax cut, he said Sunday.

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WHAT ARE PAYROLL TAXES, AND WHO PAYS THEM?

"I want to see it," Trump told "Fox News Sunday." "I'll have to see but, yeah, I would consider not signing it if we don't have a payroll tax cut, yes."

President Trump speaks during a roundtable meeting with Hispanic leaders in the Cabinet Room, July 9, 2020, in Washington. (AP Photo/Evan Vucci)

The White House and Congress are expected to cobble together a "phase four" coronavirus relief bill as many Americans' financial futures remain uncertain because of coronavirus.

"We're working on a 'phase four.' We're working with Congress," Trump said during a press briefing earlier in July. "Work has started. Steve Mnuchin can give you a little briefing. Talking about payroll tax cuts, we're talking about more money being infused."

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White House economic adviser Larry Kudlow has repeatedly brought up payroll tax holidays as part of coronavirus recovery. However, Kudlow's support for such a provision is not shared by Treasury Secretary Steven Mnuchin, according to a report from FOX Business.

Trump also touted the stock market's performance both pre- and post-coronavirus and made a prediction during Sunday's interview.

"Take a look at another gauge, whether you like it or not, the stock market," he said. "The stock market, NASDAQ hit its all-time high two weeks ago and has beaten it 14 different times, okay? The stock market, Dow, et cetera, is a thousand points away from its all-time high, meaning very close. We're gonna have a stock market perhaps on November 3 that’s the highest in history."

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