In a move that stunned Washington and Wall Street Tuesday - President Donald Trump put the kibosh on negotiations with Democrats over additional economic stimulus for a nation reeling from a health crisis with millions of Americans unemployed.
In a series of tweets, Trump wrote, "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." The decision to back away from talks came as a surprise.
There were many who thought Trump's hospitalization last week due to his COVID-19 infection would make a deal more likely....but one-day after his release from the hospital that appears not to be the case.
Markets quickly tumbled on the news with the airline sector particularly hit hard.
Airlines have already started laying off tens of thousands of their employees and are begging for additional financial help to offset the plummet in air travel caused by the health crisis.
“The risks of overdoing it seem for now to be smaller, even if policy actions ultimately proved to be greater than needed.
They will not go to waste.
The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.” As of Monday, the Democrats were pushing a wide-ranging $2.2 trillion stimulus package with aid for the jobless, industries large and small, and for healthcare.
Republicans have wanted a smaller $1.6 trillion package.
Trump, in a tweet blamed House Speaker Nancy Pelosi for the breakdown... but Pelosi fired back in a statement, saying Trump's decision to walk away from stimulus talks shows the White House is in "complete disarray" and that Trump is putting himself first at the expense of the country.
Trump's decision to pull the plug on the stimulus talks comes amid new polls showing him losing ground to Joe Biden in national polls as well as in some key battleground states.
[NFA] U.S. President Donald Trump on Thursday declined to say whether he still had confidence in U.S. Attorney General William Barr after the Department of Justice chief this week said there was no sign of major fraud in last month's presidential election. This report produced by Chris Dignam.
In a video released Thursay of the National Tree Lighting Ceremony in Washington, D.C., U.S. President Donald Trump thanked all those who helped develop a coronavirus vaccine, describing it as a "Christmas miracle."
[NFA] U.S. House of Representatives Speaker Nancy Pelosi and Republican Senate Majority Leader Mitch McConnell agreed in talks Thursday that a COVID-19 relief package and a government funding bill should pass “as soon as possible." Colette Luke has more.
[NFA] U.S. President Donald Trump's pardoning of his former adviser Michael Flynn has fueled speculation over whether he could pardon other associates, and even members of his family, during his final weeks in office. Emma Jehle reports.
On Wednesday, Democrats will pick up a Senate seat when former astronaut Mark Kelly is sworn in as a US senator for Arizona. Kelly defeated Republican Sen. Martha McSally last month. Other senators-elect will have to wait until January to be sworn in for the new Congress. CNN reports that Kelly is able to take the oath of office right away since he won a special election. The swearing-in is slated to take place Wednesday afternoon.
Georgia Secretary of State Brad Raffensperger, a Republican, said Wednesday that Democrat Joe Biden "will be carrying Georgia, he is our president-elect," noting there were no substantial changes after the state's second recount demanded by Republican President Donald Trump's campaign, and calling out Trump's repeated claims of voter fraud.
Spartan Capital Securities chief market economist Peter Cardillo tells Reuters Fred Katayama investors are overly optimistic on the impact of vaccines as AstraZeneca's trial data comes under question. He also provides his view on retailers' prospects for the holiday shopping season.
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street. The electric-car maker's shares continued to climb more than 4% on Tuesday. This increases the company's total market value above $500 billion for the first time. The milestone comes on the heels of a banner year for Tesla's stock, says CNN. Tesla recently upgraded facility now has the capacity to build 500,000 Model Y and Model 3 sedans a year.
Target blew past Wall Street expectations for quarterly profit and sales on Wednesday as more Americans used the big-box retailer's quick delivery services to buy everything from electronics to home goods during the COVID-19 pandemic. Fred Katayama reports.
The mayor of Austin, Texas, told his constituents on a video call last month to 'stay home' and avoid unnecessary travel. The message was a bid to stem the spread of the novel coronavirus in the city and across Texas, as COVID-19 patients are already overwhelming hospitals. But according to Business Insider, Mayor Steve Adler, a Democrat, neglected to mention where he was when he filmed the public service announcement.
[NFA] A bipartisan group of U.S. senators and members of the House of Representatives on Tuesday proposed a $908 billion COVID relief bill that would fund measures through March 31, but it hasn't been embraced by the White House, Senate Majority Leader Mitch McConnell or House Speaker Nancy Pelosi. Colette Luke has more.
House speaker Nancy Pelosi went after Treasury Secretary Steven Mnuchin on Friday for his decision to end some Federal Reserve COVID-19 emergency lending programs, a move also criticized by many Fed officials. Conway G. Gittens reports.
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed.
[NFA] U.S. House of Representatives Speaker Nancy Pelosi on Thursday said legislation to help airline companies survive the fallout could only move through Congress with guarantees that lawmakers will work on a more comprehensive aid bill to help the unemployed, small businesses and revenue-depleted state and local governments. Conway G. Gittens reports.
U.S. employers hired the fewest workers in five months in October, offering the clearest evidence yet that the end of fiscal stimulus and exploding new COVID-19 infections were sapping momentum from the economic recovery, but the jobless rate fell as well. Conway G. Gittens reports.