Stocks tumbled as stimulus talks died on Tuesday, when President Donald Trump announced on Twitter that Democrats in Congress were asking for too much.
“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,” the President said. “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.”
Earlier in the day Federal Reserve Chair Jerome Powell urged Congress to come through with more aid.
A $1.6 trillion offer was viewed as a middle-ground by Republicans, but not enough for Democrats. There was hope that another round of $1,200 stimulus checks could go out to Americans in the coming weeks if Congress and the White House could come together as unemployment remains high.
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