Yet over the course of the day, top Republican senators indicated that they thought it was too early for these types of measures and some White House aides remained cool to the idea.

“Well, I usually love tax cuts, but I think it’s a little bit premature,” said Republican Sen. John Cornyn of Texas. When asked if lawmakers needed to pass stimulus measures, he added: “I think it’s too early to know.”

Republican lawmakers also seemed reluctant about helping affected industries at this point.

“It’s just a matter of people hesitant to fly, and I’m not exactly sure how we legislate our way out of that problem,” said Republican Sen. Roy Blunt. “The best solution to the economic challenge is to hope that we get through the coronavirus quickly and the summer weather does make a difference. Though this may be the one virus where it won’t make a difference.”

Top White House and Treasury officials met with President Donald Trump late on Monday afternoon to discuss options for fiscal stimulus measures. Among the options under consideration: paid leave for workers, relief for small businesses and aid to certain sectors facing diminished business due to the virus. Economic officials have also begun weighing the idea of providing government-backed relief to specific geographic regions in the country hit hard by the outbreak. Amid all the economic uncertainty, the Trump administration has invited top Wall Street executives to the White House on Wednesday.

Officials at the Treasury department, National Economic Council and other top economic aides have been studying the various policy paths for the past 10 days, according to a person familiar with the White House discussions -- including holding several meetings over the weekend. Trump had not settled on any particular option until Monday afternoon, but the plunge in oil prices spurred the White House to act faster than it otherwise might have.

Within the last week, the White House’s messaging on the need for fiscal stimulus has shifted dramatically from one senior administration official calling it bad and ineffective policy to the director of the National Economic Council, Larry Kudlow, calling for a “targeted” approach.

“Let’s think about individuals who might lose paychecks because they had to stay home if they get the virus. Let’s think about small businesses that might get hurt by this,” Kudlow said Friday.

Trump, signing an $8.3 billion package of emergency coronavirus-related funding on Friday morning, dodged a question about whether he supported further fiscal stimulus measures, instead urging the Fed to again cut rates.

The Fed on Monday signaled a coming package of measures designed to ease the signs of panic sweeping financial markets.

The White House is under pressure to react as the volatility in the stock market continued on Monday morning. Within the first few minutes of trading, the S&P dropped 7 percent while prices in the oil markets crumbled, a fact that caught the attention of senior administration officials.

Andrew Desiderio and Marianne Levine contributed reporting.