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The president of the United States has ordered the end of negotiations on a crown stimulus package with the Democrats. The New York Stock Exchange immediately turned red.
The president of the United States, Donald Trump, links the Corona stimulus package to his electoral victory.
Photo: Win McNamee (Getty Images)
US President Donald Trump has instructed the government and its Republicans not to negotiate another crown stimulus package with Democrats until after the election. In return, Trump promised on Twitter Tuesday that there would be a major stimulus package “immediately” after his election victory. Trump wants to secure a second term on November 3. His Democratic opponent is former Vice President Joe Biden.
The Democratic negotiator in Congress, House Speaker Nancy Pelosi, was not ready to compromise, Trump complained Tuesday on Twitter. Her side proposed a package worth $ 1.6 trillion. But the Democrats had insisted on 2.4 trillion, he claimed. The New York stock market turned negative immediately after Trump’s tweet.
Pelosi condemned Trump’s announcement. She shows her “true face” and puts her political interests before those of the country. He denied the help that poor children, the unemployed and working families badly need.
The Dow Jones immediately fell into the red after Trump’s tweet. (October 6, 2020, 10:30 p.m.) Source: Finance and economics
Since March, the United States Congress has already launched stimulus packages with a volume of around three trillion dollars, which corresponds to more than 10 percent of economic output. The two big parties have been arguing about another package for months.
Republicans, who control the White House and the Senate, are thinking of less stimulus. Democrats, who have a majority in the House of Representatives, want a comprehensive package that is also meant to help states and municipalities that have to cope with large revenue losses due to the crown pandemic.
The Chairman of the US Federal Reserve, Jerome Powell, had spoken out emphatically in favor of new measures to support the economy just hours before Trump’s announcement. The risk of insufficient support is currently greater than the risk of “doing too much,” said the head of the Federal Reserve (Fed). The recovery will be “stronger and faster” if monetary and fiscal policy go hand in hand, “until the economy is out of harm’s way.”
