News

White House

Trump Halts COVID Relief Negotiations Until after Election

President Donald Trump speaks during a coronavirus task force news briefing at the White House, July 22, 2020. (Leah Millis/Reuters)

President Trump has instructed Treasury Secretary Steve Mnuchin and other officials to halt negotiations for a new coronavirus relief bill until after the November elections.

The announcement came hours after Federal Reserve chairman Jerome Powell pleaded for Congress to pass additional economic relief legislation. However, the Democrat-led House and Republican-majority Senate have been unable to agree on a price tag for the bill. Democrat have pushed for a $2.4 trillion package, while Senate Republicans have been hesitant to pursue another round of massive government spending.

Stocks plummeted following the president’s tweets, with the Dow Jones, S&P 500, and Nasdaq all dropping by over one percent.

“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 wrote on Twitter on Tuesday. “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill.”

A Trump-campaign adviser criticized the president’s decision in comments to Axios.

“You have to try to be this politically inept,” the adviser said. “What is going on in the White House? Where is Mark Meadows?”

However, Senate Majority Leader Mitch McConnell (R., Ky.) told reporters that he supports Trump’s decision.

“I think his view was that they were not going to produce a result and we needed to concentrate on what’s achievable,” McConnell said.

Earlier on Tuesday, Powell said that failing to move forward with a relief bill could “lead to a weak recovery, creating unnecessary hardship for households and businesses,” in remarks to the National Association for Business Economics. “By contrast, the risks of overdoing it seem, for now, to be smaller….Even if policy actions ultimately prove to be greater than needed, they will not go to waste.”

Send a tip to the news team at NR.

Zachary Evans is a news writer for National Review Online. He is a veteran of the Israeli Defense Forces and a trained violist.

Most Popular

Media

‘Anonymous’ Falls Flat

On the menu today: The op-ed page of the New York Times made the deliberate decision to hoodwink America about the identity of “Anonymous”; the sense of guilt that pervades legacy media -- a very apt label; and wondering whether or not we will even see long lines on Election Day with early voting being so ... Read More
Media

‘Anonymous’ Falls Flat

On the menu today: The op-ed page of the New York Times made the deliberate decision to hoodwink America about the identity of “Anonymous”; the sense of guilt that pervades legacy media -- a very apt label; and wondering whether or not we will even see long lines on Election Day with early voting being so ... Read More

Another Pollster Sees a Trump Win

The Trafalgar Group’s Robert Cahaly is an outlier among pollsters in that he thinks President Trump will carry Michigan, Pennsylvania, or both, and hence be reelected with roughly 280 electoral votes. (I explained his thinking here.) Last week another pollster, Jim Lee of Susquehanna Polling and Research, ... Read More

Another Pollster Sees a Trump Win

The Trafalgar Group’s Robert Cahaly is an outlier among pollsters in that he thinks President Trump will carry Michigan, Pennsylvania, or both, and hence be reelected with roughly 280 electoral votes. (I explained his thinking here.) Last week another pollster, Jim Lee of Susquehanna Polling and Research, ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More
Economy & Business

Daylight Savings Forever

Before I became a parent, I didn't have especially strong feelings about the time shifting by an hour twice a year. Like most people I was aware of the downsides -- increased car accidents, schedule confusion, etc. -- and I figured it would be better to knock it off. But I didn't feel personally offended by ... Read More
Economy & Business

Daylight Savings Forever

Before I became a parent, I didn't have especially strong feelings about the time shifting by an hour twice a year. Like most people I was aware of the downsides -- increased car accidents, schedule confusion, etc. -- and I figured it would be better to knock it off. But I didn't feel personally offended by ... Read More