Pelosi (D-California) is asking for $2.4 trillion to bail out “poorly run, high-crime Democrat states” funding that is entirely unrelated to the virus, Trump tweeted on Tuesday afternoon.
…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…
— Donald J. Trump (@realDonaldTrump) October 6, 2020
“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,” he added.
Instead, Senate Majority Leader Mitch McConnell (R-Kentucky) should “focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett,” Trump added.
The president’s announcement comes mere hours after Federal Reserve Chair Jerome Powell urged lawmakers to pass a massive stimulus bill, warning of a “tragic” scenario in which “a long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy.”
Pelosi was quick to quote Powell as proof that the bill was “long overdue,” demanding that Republicans agree with her proposal.
“Chairman Powell’s warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic,” she said in a statement.
Stocks dropped precipitously following Trump’s announcement, having recovered on Monday at the news of his return from hospital after Covid-19 treatment. Dow Jones lost almost 500 points, Nasdaq was down more than 200, and S&P 500 lost 60 points.
Trump had just tweeted that the US economy was “doing very well. The Stock Market is at record levels, JOBS and unemployment…also coming back in record numbers.”
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