It doesn't look like we're going to get a second round of stimulus checks any time soon. After a recent period of optimism following President Trump's Covid-19 diagnosis, the president is pulling the plug on further negotiations until after the November 3 elections.
In a string of Tweets on Tuesday, Trump accused Pelosi of "not negotiating in good faith" and announced that he has instructed White House 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."
The move came as a surprise, since there was reason to believe that Democrats and Republicans were inching closer to a deal. Pelosi seemed more optimistic about reaching an agreement after the president's diagnosis, saying on MSNBC that it "kind of changes the dynamic." Plus, from the hospital, the president publicly urged Democratic and White House negotiators to reach a deal on an economic stimulus bill. That was just three days before cutting off negotiations.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Stock Market Takes a Hit
The stock market dropped quickly after the president announced the end of negotiations. The Dow Jones Industrial Average, which was up by 205 points at one point before the announcement, closed 375 points (or 1.3%) lower for the day. The S&P 500 declined 1.4% to 3,360. For more details, see Stock Market Today: Trump Pulls the Plug on Stimulus, Stocks.
-
Designing Your 'Immortal' Financial PlanExplore an approach that offers solutions for those navigating the intersection of longevity, fulfillment and financial security.
-
How to Protect Your Privacy While Using AIHow to keep your information and finances safe while using AI, including ChatGPT and Perplexity.
-
Which Generation Pays the Most Taxes in the US?Tax Burden Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?
-
Tax Day 2025: Don’t Miss These Freebies, Food Deals and DiscountsTax Day You can score some sweet deals on April 15 in some select restaurants like Burger King, Shake Shack, and more.
-
Tax Time: Does Your Kid Influencer Owe Taxes?State Tax Some minors are making big money on social media. Here’s how to know if they need to file taxes.
-
Free IRS Tax Filing for 30 Million People: Will It Continue Under Trump?Tax Filing Direct File was piloted last year in 12 states and has since expanded to 25. But some wonder whether the program will last under the Trump administration.
-
How Caregivers for Adults Can Save on Taxes in 2025Tax Breaks Caring for your parent or spouse can be stressful, but the IRS offers tax breaks for qualifying taxpayers. Here they are.
-
U.S. Treasury to Eliminate Paper Checks: What It Means for Tax Refunds, Social SecurityTreasury President Trump signed an executive order forcing the federal government to phase out paper check disbursements by the fall.
-
IRS Layoffs Spark Delays, Doubt This Tax Season
Tax Season Tax experts say Trump’s downsizing of the IRS is already causing problems.
-
States with the Highest Income Tax Rates for RetireesState Tax You may reconsider living and retiring in one of these states due to high taxes.
