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Trump Halts Coronavirus Stimulus Talks Until After November Election

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Trump Halts Coronavirus Stimulus Talks Until After November Election

President Donald Trump said Tuesday afternoon he wants to stop negotiating a coronavirus relief package until after the Nov. 3 presidential election, causing the markets to fall sharply lower.

What Happened: "House Speaker Nancy Pelosi called on Republicans to get on board with a version of the coronavirus relief package the House passed last week with only Democratic votes," according to Bloomberg. "But significant gaps remain between the Democrats’ $2.2 trillion proposal and a $1.6 trillion offer backed by the White House."

“Chairman Powell’s warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic,” Pelosi said in a statement Tuesday. “It is long overdue for Republicans to join us in passing a bill that meets the needs of the American people.”

See Also: Fed Chair Powell On Economic Recovery: 'Still A Long Way To Go'

On Tuesday afternoon, Trump blasted a series of tweets, saying, "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.":

Markets Drop: U.S. indices are trading lower for the session. The S&P 500 plummeted from the 3,430 level to the 3,360 area, while the Dow Jones Indusrual Average fell 28,340 to 27,820.

Photo Credit: Gage Skidmore via Wikimedia.

 

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