President Trump Announces Halt in Covid-19 Stimulus Negotiations

In a series of tweets last night, President Trump announced he’s advised his top negotiators to halt stimulus talks until after the election in November. The president further promised he would “pass a major stimulus bill that focuses on hardworking Americans and small business” after that time, assuming he wins the election. This reportedly came as a shock to many involved, including House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin who’ve spent the last few months engaging in extensive negotiations. It also sent shock waves through the economy, sending stocks plummeting on Wall Street moments after the announcement. Many were quick to voice their opposition, including Pelosi who referred to it as a “desperate stunt.” Hours before this, Federal Reserve Chairman Jerome Powell had urged negotiators to make a deal or face one of the worst economic tragedies witnessed in U.S. history. He added the risks of not doing enough far outweigh the risks of Congress pouring too much money into the economy.