On October 3rd President Donald Trump tweeted enthusiastically, “OUR GREAT USA WANTS & NEEDS STIMULUS.”
OUR GREAT USA WANTS & NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE. Thank you!
— Donald J. Trump (@realDonaldTrump) October 3, 2020
Today, however, he announced the end of stimulus talks until after the election at the earliest.
The Washington Post reports:
“Economic relief talks screeched to a halt Tuesday as President Trump ordered Treasury Secretary Steven Mnuchin to stop negotiating with House Speaker Nancy Pelosi until after the election.
‘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,’ Trump wrote.
Trump’s surprising announcement stood in stark contrast with recommendations from Federal Reserve Chair Jerome H. Powell, who had said in a speech hours earlier that more economic stimulus was needed to sustain the recovery.
Trump’s tweets sent the stock market lower, as many businesses, households and investors had been hoping for a jolt of fiscal stimulus amid signs the economy had lost momentum. The Dow Jones industrial average ended down 376 points, or 1.3 percent. The Nasdaq and S&P 500 also fell.
Trump is also still dealing with his recent covid-19 diagnosis, but he has tried to dismiss the illness’s impact on him in the past two days.
Barring another unexpected development, Trump’s declaration kills any near-term chance of new aid for millions of Americans who remain out work and at risk of eviction. Pelosi and Mnuchin spoke shortly after Trump’s tweets, and Mnuchin informed Pelosi that the negotiations were indeed over, according to Pelosi’s spokesman.
Trump said he instead asked Senate Majority Leader Mitch McConnell (R-Ky.) ‘not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett.’
McConnell, who spoke with Trump shortly before the president’s announcement, said he agreed with the decision.”
For the rest of the story, visit the Washington Post here.