Trump ends talks until after 2020 election

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President Donald Trump said on Tuesday he told negotiators in his administration to end coronavirus stimulus talks with Democrats until the November 3 election ends.The statement, if the White House follows through, would stop an ongoing push to send trillions of dollars more in aid to Americans as the epidemic unleashes in the United States and the economy struggles to recover. virus-related closures. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi spoke for an hour about a relief package on Monday and are scheduled to speak again on Tuesday. Trump had barely three days urged the parties to strike a deal.

“I have asked my representatives to stop negotiating until the end of the election, when, immediately after my victory, we pass a major stimulus bill that focuses on American workers and small businesses,” Trump tweeted on Tuesday.

The president added that he had asked Senate Majority Leader Mitch McConnell to “focus full time” on confirming Supreme Court candidate Amy Coney Barrett. Trump spoke to Republican leaders in Congress about stimulus packages earlier today.

In a statement responding to Trump’s tweets, Pelosi said Trump “has shown his true colors: putting himself first at the expense of the country, with the full complicity of GOP members of Congress.” She added that “moving away from discussions on the coronavirus shows that President Trump is unwilling to crush the virus.”

Investors sanctioned the stocks in response to Trump’s tweets. The Dow Jones Industrial Average fell more than 300 points, or about 1.1%, within minutes of the announcement.

Although the talks have made little headway for months, traders were increasingly hopeful that the parties could reach a deal ahead of the election as many people and businesses struggle during the ongoing outbreak.

Congress has failed to provide new relief funds to individuals for months as millions of Americans left jobless by the pandemic struggle to pay for food, rent and other costs of living. The lifelines that have supported the economy through the early stages of the pandemic, including the $ 600 a week in unemployment benefits and the Window to Apply for Paycheck Protection Program Small Business Loans, expired weeks ago.

In his tweets on Tuesday, Trump appeared to be asserting that the U.S. economy no longer needs stimulus. He wrote that “We are leading the world in economic recovery, and THE BEST IS YET TO COME! ”

While the United States quickly recouped many of the jobs lost earlier this year, a smaller than expected gain in non-farm payrolls of 661,000 in September fueled more concerns about the slowing economic recovery in the United States. United States. The unemployment rate stood at 7.9%, still significantly higher than before the outbreak of the pandemic.

Trump’s drive to halt negotiations came just hours after Federal Reserve Chairman Jerome Powell urged Congress to approve more fiscal stimulus. He said a lack of lasting support from the federal government could “lead to a weak recovery, creating unnecessary hardship for households and businesses.”

This is the latest news. Please come back for updates.

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