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President Trump tweeted on Tuesday that he has instructed his representatives to stop negotiating with House Democrats on coronavirus relief until after the election, accusing Speaker Nancy Pelosi of "not negotiating in good faith."
Why it matters: Lawmakers have long thought that they would be unable to compromise on a deal before the election. But the failure to deliver desperately needed aid to Americans was seen as a problem for both parties. Trump has now made it a White House decision to end negotiations.
Timing: The president’s tweet comes as talks between Pelosi and Treasury Secretary Steven Mnuchin have been building steam. But the two leaders have remained far apart on key issues.
Driving the news: The news comes hours after Federal Reserve Chairman Jerome Powell warned that the U.S. economy is in for a "longer than expected slog back to full recovery," and that there's little risk of "overdoing" economic support — a nod to Congress and the Trump administration.
- The stock market turned negative in the minutes after Trump's tweet.
What he's saying: "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," Trump tweeted.
- "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!"
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