Trump instructs representatives to halt COVID-19 stimulus talks until after election

Marco Green
October 22, 2020

United States stocks rose sharply on Monday, recovering from declines in the previous session, as investors viewed more fiscal stimulus as likely and after news President Donald Trump will leave the hospital where he is being treated for coronavirus. "I am rejecting their request, and looking to the future of our Country".

White House Chief of Staff Mark Meadows said on Monday there was still potential to reach an agreement with US lawmakers on more coronavirus relief and that Trump was committed to getting the deal done.

The Democrats were seeking around $2.2 trillion (€1.9 trillion) in new spending against the administration's offer of $1.6 trillion.

"Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act". "There's now a whole lot less reason to put money to work before the election".

Pelosi said the president "is wedded" to a $150bn tax cut for the wealthy, but refuses to help poor children.

Pelosi, saying the White House was in "complete disarray" earlier in the day, held a call with fellow House Democrats and raised the question of whether a steroid Trump is taking to battle his COVID-19 had clouded his judgment.

Federal Reserve Chair Jerome Powell earlier Tuesday warned a failure by the U.S. to provide further relief "would lead to a weak recovery, creating unnecessary hardship for households and businesses". Over time, household insolvencies and business bankruptcies would rise, harming the productive capacity of the economy and holding back wage growth. In a matter of minutes after the president's tweet, the Dow Jones plummeted - falling almost 400 points to drop below 28,000.

Trump also claimed the "economy is doing very well". In September, the national unemployment level stood at about 12.58 million people. "We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!", he added.

Other reports by Click Lancashire

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