He went on to write that, “After I win, we will pass a major stimulus bill that focuses on hardworking Americans and small businesses.”
The stock market immediately crashed on the news, with the Dow Jones falling 374 points or 1.33% at 3:20 p.m. ET.
The statement comes a day after Trump was released from Walter Reed Hospital and returned to the White House. COVID-19, which has already killed 210,000 Americans. “
House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin have been negotiating for the past two weeks to try to finalize a second stimulus agreement after talks fell through earlier this summer. The total size of the package has been the main obstacle: Democrats were pushing for a package worth at least $ 2.2 trillion, but the White House has not wanted to exceed $ 1.6 trillion. The parties had grown a bit closer since August, when Democratic leaders wanted $ 3.4 trillion and Republicans were determined not to exceed $ 1 trillion.
Interestingly, Trump’s decision to suspend talks and eliminate the possibility of more stimulus controls ahead of the election comes on the same day that a CNN poll finds that voters are now evenly split 48% on the election campaign. . Trump’s economy. That’s a marked change from early March, when 54% of those surveyed approved of his handling of the economy versus 42% who did not.
Fed chief Jerome Powell chimed in early Tuesday, saying he too was concerned about the fragile state of the economy. Over time, household insolvencies and business failures would increase, damaging the productive capacity of the economy and slowing wage growth. “
Although Trump has long touted a strong economy as his main theme, Goldman Sachs’ chief economist wrote Monday that a blue wave would actually be a boon for the economy. The reason is that it would dramatically increase the likelihood of a fiscal stimulus package of at least $ 2 trillion shortly after the presidential inauguration on January 20. – Long-term increases in spending on infrastructure, climate, health and education that would at least equal potential long-term tax increases for higher-income corporations and individuals, “wrote Jan Hatzius.
The reaction to Trump’s statement on Twitter was mixed. So you can pass that now and help the people who are suffering in this country that you say you love so much. I don’t know why.”
