President Trump calls off stimulus talks; stocks drop

WASHINGTON – President Donald Trump says he has instructed aides to stop negotiating on a coronavirus aid plan until after the election, roiling stock markets hoping for an economic boost for hard-hit industries such as the airlines.

Trump, who has the coronavirus himself, tweeted Tuesday that House Speaker Nancy Pelosi was not negotiating in good faith. He says, “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’s tweet comes the same day that Federal Reserve Chair Jerome Powell warned that a tentative recovery from the pandemic recession could falter unless the federal government supplies additional economic support.

The Democratic-led House passed a $2.2 trillion relief bill last week. The White House said at the time that it had raised the price tag on its own proposal to $1.6 trillion. But bridging that difference has proved difficult.