President Donald Trump publicly turned down the Democratic stimulus offer, or the updated $2.2 trillion HEROES Act that passed the House last week, sending stocks plunging on Tuesday afternoon.
“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,” the president said in a tweet thread. “I am rejecting their request, and looking to the future of our Country.”
The tweets came as House Speaker Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin returned to the negotiating table in hopes of crafting legislation that could pass both the Democratic-controlled House and GOP-controlled Senate. Mnuchin confirmed to Pelosi over the phone that the president was walking away from the talks.
The president added that he instructed 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 added that the GOP should instead focus on approving Amy Coney Barrett to the Supreme Court ahead of the Nov. 3 presidential election.
“Today, once again, President Trump showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress,” Pelosi said in a statement. “Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus.”
The Democrats’ latest $2.2 trillion coronavirus stimulus proposal — which passed the House last week — still has a much higher price tag than the White House’s roughly $1.6 trillion proposal.
“Sadly, they are rejecting the urgent warnings of Fed Chairman Powell today, that ‘Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Pelosi added, referring to comments made by Powell earlier Tuesday.
Sticking points for any deal included extra unemployment benefits, funding for schools, aid for state and local governments, child care support, funding for increased testing and tracing, and funding for other appropriations.
“We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith,” the president asserted.
The president previously urged Republicans to “go for the much higher numbers” than their $300 billion stimulus proposal which was rejected in the Senate. However, after a call with Senate Majority Leader Mitch McConnell, R-Ky., Mnuchin, and House Minority Leader Kevin McCarthy earlier on Tuesday, he called on ending the talks.
McConnell previously referred to the updated HEROES Act as “another multi-trillion dollar far-left wish list with virtually all the same non-COVID-related poison pills as their last unserious bill.”