[ad_1]
The US economy is in recession, but no new aid package is in sight: President Trump has stopped negotiations with Democrats. You don’t want to say goodbye to a package until after the election, as the winner.
US President Donald Trump canceled negotiations with opposition Democrats on a new Corona aid package until after the November 3 presidential election. “I have instructed my representatives to stop the negotiations,” Trump tweeted.
He accused Nancy Pelosi, Speaker of the House of Representatives, of not negotiating “in good faith.” Democrats, Trump’s Republicans and the administration had been fighting for weeks for a new aid package to support citizens and businesses in the face of the devastating effects of the crown pandemic. Opposition leader Pelosi recently spoke with Treasury Secretary Steve Mnuchin repeatedly.
Democrats had proposed spending about $ 2.2 trillion on the aid package. The Trump administration described this as “doubtful” but recently increased its offer to nearly $ 1.6 trillion. Pelosi refused, no compromise in sight.
New aid package only after the elections
The president wrote that he has now asked Senate Majority Leader Mitch McConnell to fully focus on confirming his Supreme Court candidate Amy Coney Barrett before the election.
Only after the presidential election does Trump want to get back to the aid package. “Immediately after he wins, we will have a great stimulus package that will focus on working Americans and small businesses,” he wrote. In polls, however, Trump is currently behind his challenger Joe Biden of the Democrats.
Stock prices fall
In the immediate aftermath of Trump’s announcement, there were losses on US stock exchanges. Federal Reserve Chairman Jerome Powell had previously stated that the tentative economic recovery from the recession would remain fragile and would fail in the seventh month of the pandemic without further economic stimulus from the government. According to Powell, with more help from the government it would be “stronger and faster.”
In the fight against the effects of the corona pandemic, the US Congress approved the largest aid package in the history of the United States with a volume of 2.2 trillion dollars, the so-called Cares Act. Another aid package by value of about $ 500 billion followed in late April.
