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Lawmakers’ on-again, off-again stimulus talks were revived over the weekend after President Donald Trump’s administration put forth a $1.8 trillion offer — but a deal on another coronavirus relief package remains in limbo.
The president last week called off negotiations and shifted the focus to confirming his Supreme Court nominee Amy Coney Barrett, a move heavily criticized by Democrats in Congress.
“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,” Trump tweeted Oct. 6.
The White House pivoted on its stance days later by offering its costliest plan yet.
Its $1.8 trillion proposal includes another round of $1,200 stimulus checks like those sent to Americans under the CARES Act in the spring and a $400 weekly boost to unemployment benefits among other things, according to
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U.S. House Speaker Nancy Pelosi.
Will there be a second COVID-19 stimulus relief plan? The chances for it diminished on October 10, when House Speaker Nancy Pelosi rejected a $1.8 trillion counter offer from the White House, and Senate Republicans sharply criticized the proposal.
Millions of Americans could use a second COVID-19 stimulus check, which is just one of the provisions being held up by the failure of Republicans and Democrats to reach agreement on an overall plan. Many other things are included in the plan, such as small business grants, extended unemployment checks, and aid to state and local governments.
President Donald Trump tweeted this on Oct. 7: “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?” Pelosi didn’t embrace that approach either. The White
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Stocks fell Tuesday after President Donald Trump said he opposed House Democrats’ $2.2 trillion virus relief proposal, effectively stamping out hopes that another round of fiscal stimulus to aid the virus-stricken economy would come before the election.
[Click here to read what’s moving markets heading into Wednesday, October 7]
“We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith,” Trump wrote in a Twitter post Tuesday afternoon. “I am rejecting their.. … 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.”
Stocks, which had traded mixed earlier in the day, fell sharply, with the Dow dropping more than 250 points, or about 0.9%. The Nasdaq underperformed, dropping 1%.