Trump Says No Stimulus Before Election
President Donald Trump tweeted that negotiations over a new stimulus package have ended until after the presidential election on November 3, according to CNET.
Trump returned to the White House yesterday after testing positive for COVID-19 and receiving treatment over the weekend.
Trump tweeted: " Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our Country. 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. I have asked Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett. Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment also coming back in record numbers. We are leading the World in Economic Recovery, and THE BEST IS YET TO COME! "
Markets tumbled after the tweet was posted. The Dow fell almost 400 points after being up earlier in the session. Investors have been closely following the state of the economy and potential stimulus to support US consumers and businesses.
This tweet came as a surprise. Three days earlier Trump tweeted a pro-stimulus tweet while he was receiving COVID-19 treatment at Walter Reed Military. He tweeted: "Our great USA wants and needs stimulus. Work together and get it done. Thank you!"
There were several issues that the new stimulus package hoped to alleviate. Trump has been unpredictable, but it seems he is leveraging his re-election on the growing need for stimulus in the US. Federal Reserve Chairman Jerome Powell called for more stimulus prior to Trump's tweet.