US President Donald Trump said Tuesday he halted negotiations to provide badly-needed economic stimulus for the US until after the presidential election.
Trump blamed Democrats, saying House of Representatives Speaker Nancy Pelosi is seeking “$2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States,” claiming the funds are “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,” the president said on Twitter. “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.”
Trump said he asked Mitch McConnell, the Senate’s Republican majority leader, to instead focus on confirming his Supreme Court nominee Amy Coney Barrett.
Trump’s decision to call off the talks comes as the US continues to grapple with the economic devastation from the coronavirus pandemic. Unemployment remains stubbornly high at nearly 8%, more than double pre-pandemic levels of 3.8% in February.
House Democrats passed a $2.2 trillion stimulus package Thursday, but it faces stiff opposition from the Republican-controlled Senate where it is unlikely to advance.
Markets fell sharply following the president’s announcement with the Dow down more than 320 points, erasing earlier gains.
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