Trump Halts Coronavirus Stimulus Talks Until After November Election

President Donald Trump said Tuesday afternoon he wants to stop negotiating a coronavirus relief package until after the Nov. 3 presidential election, causing the markets to fall sharply lower.

What Happened: "House Speaker Nancy Pelosi called on Republicans to get on board with a version of the coronavirus relief package the House passed last week with only Democratic votes," according to Bloomberg. "But significant gaps remain between the Democrats’ $2.2 trillion proposal and a $1.6 trillion offer backed by the White House."

“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,” Pelosi said in a statement Tuesday. “It is long overdue for Republicans to join us in passing a bill that meets the needs of the American people.”

See Also: Fed Chair Powell On Economic Recovery: 'Still A Long Way To Go'

On Tuesday afternoon, Trump blasted a series of tweets, saying, "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.":

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...

— Donald J. Trump (@realDonaldTrump) October 6, 2020

...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

...@senatemajldr 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...

— Donald J. Trump (@realDonaldTrump) October 6, 2020

Markets Drop: U.S. indices are trading lower for the session. The S&P 500 plummeted from the 3,430 level to the 3,360 area, while the Dow Jones Indusrual Average fell 28,340 to 27,820.

Photo Credit: Gage Skidmore via Wikimedia.