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US President Donald Trump said he has instructed his advisers to stop negotiating on another round of Covid-19 relief until after the election.
President Trump tweeted that House Speaker Nancy Pelosi “was not negotiating in good faith” and said he asked Senate Majority Leader Mitch McConnell to direct his entire approach before the election to confirm his candidate for the United States Supreme Court, Amy Coney Barrett.
Nancy Pelosi is asking for $ 2.4 trillion to bail out badly run and high crime Democratic states – money that is in no way related to COVID-19. We made a very generous offer of $ 1.6 billion, and as usual, she is not negotiating in good faith. I’m rejecting your …
– Donald J. Trump (@realDonaldTrump) October 6, 2020
“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 working Americans and small businesses,” President Trump tweeted .
Last week, the White House said it was backing a pandemic unemployment benefit of $ 400 per week and raised the possibility of a $ 1.6 trillion Covid-19 relief bill.
But that offer was rejected by Pelosi.
President Trump broke off talks after Federal Reserve Chairman Jerome Powell warned Tuesday that the economic recovery remains fragile seven months after the coronavirus pandemic without further economic stimulus.
Stocks fell suddenly on Wall Street after President Trump ordered the negotiations to halt.
The Dow Jones Industrial Average instantly went from a gain of approximately 200 points to a loss of approximately 300 points.
Powell, speaking to the National Association for Business Economics, made clear that too little support “would lead to a weak recovery, creating unnecessary hardship for households and businesses.”
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