President Trump rejects Democrat stimulus proposal, says White House will stop negotiating

Politics

WASHINGTON, DC – OCTOBER 05: U.S. President Donald Trump gives a thumbs up upon returning to the White House from Walter Reed National Military Medical Center on October 05, 2020 in Washington, DC. Trump spent three days hospitalized for coronavirus. (Photo by Win McNamee/Getty Images)

WASHINGTON (WCMH) — President Donald Trump says his representatives will stop negotiating with Democrats on a second stimulus package until after the election.

Trump made the announcement in a series of tweets Tuesday afternoon.

The series of tweets reads:

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 @senatemajldr 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!

President Donald Trump

The tweets are in contrast with messages sent by the president over the weekend while hospitalized at Walter Reed.

“Our great USA wants and needs stimulus,” tweeted Trump. “Work together and get it done.”

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were set to meet again Tuesday in hopes of striking a deal on a wide-ranging coronavirus relief package that both sides previously agreed will include a new round of direct payments to most Americans.

Federal Reserve Chair Jerome Powell warned Tuesday that a tentative recovery from the pandemic recession could falter unless the federal government supplies additional economic support.

Powell said that government support — including expanded unemployment insurance payments, direct payments to most U.S. households and financial support for small businesses — has so far prevented a recessionary “downward spiral” in which job losses would reduce spending, forcing businesses to cut even more jobs.

But the U.S. economy still faces threats, and without further aid, those downward trends could still derail the recovery, the chairman said.

“The expansion is still far from complete,” Powell said in a speech to the National Association for Business Economics, a group of corporate and academic economists. “Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Over time, household insolvencies and business bankruptcies would rise, harming the productive capacity of the economy, and holding back wage growth.”

The Associated Press contributed to this report.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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