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.
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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.
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