Trump tells reps to postpone stimulus talks until after election

Marco Green
November 22, 2020

"We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith", Trump said. "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business", he added.

Pelosi added: "Trump is wedded to his $150 billion tax cut for the wealthiest people in America from the CARES Act, while he refuses to give real help to poor children, the unemployed, and America's hard-working families", Ms. Pelosi said.

House Speaker Nancy Pelosi promptly responded to Trump's tweets with a statement, accusing the president of "putting himself first at the expense of the country, with the full complicity of the GOP members of Congress". The Secretary confirmed that the President has walked away from COVID talks. "COMPLETE DISARRAY" Pelosi, saying the White House was in "complete disarray", 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.

The Dow Jones Industrial Average fell 375.88 points, or 1.34 percent, to 27,772.76, the S&P 500 lost 47.66 points, or 1.40 percent, to 3,360.97 and the Nasdaq Composite dropped 177.88 points, or 1.57 percent, to 11,154.60. Earlier on Tuesday, Federal Reserve Chair Jerome Powell told a business conference that failure to provide further relief "would lead to a weak (economic) recovery, creating unnecessary hardship for households and businesses".

"The expansion is still far from complete". Although a new round of aid could have buoyed financial markets, the economic conditions that Mr. On Nov. 3, the United States will decide whether Trump wins a second four-year term.

He went on to falsely state that the stock market is at "record levels". Pelosi for the impasse. Mr.

Trump also wrote that he told Senate Majority Leader Mitch McConnell to "focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett". He said he thought the Republican president believed that a deal with Democrats was not in the offing and that "we need to concentrate on the achievable".

Still, the announcement received a wave of bipartisan backlash on Capitol Hill.

Sen. Susan Collins, Maine Republican who is facing a tough reelection, said it was a "huge mistake" to leave relief stalled for several more weeks. She said she was appealing directly to Mr. Mnuchin and other Republican senators to try to change course.

Powell said the domestic rebound could still slip into a downward spiral if the coronavirus is not effectively controlled and growth sustained. "With lives at stake, we can not afford to stop negotiations on a relief package", Katko wrote in a tweet. "Inaction is not an option".

"Much of the rally we've seen in the last week in particular was based on hopes for an additional stimulus package", said Robert Phipps, director at Per Stirling Capital Management in Austin, Texas.

In the tweets, Trump faulted Democrats for a package proposal whose price tag was too high for many Republicans.

That deceleration is attributed by many economists to the waning effects of almost $3 trillion in federal virus relief aid that Congress passed in March and April.

Other reports by Click Lancashire

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