Trump urges Congress to pass $ 1,200 stimulus checks and paycheck protection funds after talks end

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Topline

Hours after calling off talks with Democrats over stimulus legislation on Tuesday and vowing to pass a post-election bill, President Trump backed down by calling on Congress to send him stand-alone bills that would cover individual aspects of the package being negotiated.

Highlights

Asset called Congress must “IMMEDIATELY approve” $ 25 billion in airline payroll assistance and $ 135 billion in funding for the paycheck protection program from unused funds from the CARES Act, before add that he would sign a stimulus check bill for $ 1,200 and tag House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and other congressional leaders.

Hours earlier, Trump had said he told his officials “to stop negotiating until the end of the election” and said that if he wins, “we will pass a major stimulus bill. which focuses on American workers and small businesses ”.

In calling off the talks, Trump expressed outrage at House Speaker Nancy Pelosi for demanding far more than the $ 1.6 trillion offered by the White House and called on Senate Majority Leader Mitch McConnell, to focus her energy on confirming Justice Amy Coney Barrett to the Supreme Court.

Trump’s move drew bipartisan reprimands, with a number of moderate Republicans joining prominent Democrats – Pelosi and former Vice President Joe Biden – denouncing the president’s decision and calling him to return to the negotiating table.

The ruling has also puzzled political observers given that the new stimulus legislation is hugely popular in polls – including a Hill / HarrisX poll released on Monday that found 74% of voters want the Senate to prioritize stimulus, while only 26% want them to act first. confirming Judge Barrett.

Perhaps receptive to these reactions, Trump hours later expressed agreement on Twitter with Federal Reserve Chairman Jerome Powell, who called for an aggressive stimulus bill and said the risk of “doing too much” with spending is low.

Key context

Stocks dipped sharply shortly after Trump announced he was canceling talks, which coincided with him touting a strong rally and booming stock. The Dow Jones Industrial Index fell 500 points in minutes and ended the day down 1.3%, while the S% P 500 ended at 1.4% and the Nasdaq fell 1.6 %. Trump hinged much of his re-election message on the strength of the stock market.

Large number

72%. This is the share of probable voters who said in New York Times/ Siena College poll released in September that they support a new $ 2 trillion stimulus bill – including unemployment insurance, stimulus checks and support for state and local governments – up from just 23% that help them oppose such legislation.

Chief critic

“Mitch McConnell told Trump to end bipartisan talks on economic aid to American families and Trump did as he was told.” tweeted Rep. Don Beyer (D-Va.), Accusing Trump of “trying to avoid being blamed for what he did just a few hours ago.”

Crucial quote

“It is as if the leaders of Congress were unaware that Congress could draft legislation and reach a compromise between the two houses without the participation of Donald Trump or Steven Mnuchin”, tweeted Rep. Justin Amash (I-Mich.), The Only Libertarian Member of Congress. “This act in itself can affect public opinion and get the president involved.”

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