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Trump reverses on stimulus talks
After saying he wanted stimulus negotiations to end, President Trump changed his mind on Twitter.
NEW YORK - There is new hope for some stimulus, at least for American taxpayers.
President Trump on Tuesday said he would sign off on specific coronavirus relief measures, including a new round of stimulus checks.
Trump tweeted that he would sign a 'stand-alone' bill for stimulus checks and called out House Speaker Nancy Pelosi to act.
"If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?" he wrote.
That came after he said he would support legislation aimed at helping the airlines and small businesses.
"The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!" Trump wrote on Twitter.
The tweets came just hours after Trump said he was cutting off talks with Democrats over a new economic aid package until after the Nov. 3 election.
Stocks appeared to sink after he scrapped stimulus talks while blasting House Speaker Nancy Pelosi's $2.4 trillion ask -- well above the $1.6 trillion Treasury Secretary Steven Mnuchin was pushing for.
President Donald Trump speaks during a campaign rally at the Duluth International Airport on Sept. 30, 2020 in Duluth, Minnesota. (Photo by Stephen Maturen/Getty Images)
The Dow Jones Industrial Average fell nearly 400 points or 1.3%, while the S&P 500 and Nasdaq Composite dropped 1.4% and 1.5%, respectively.
His comments also came after Federal Reserve Chairman Jerome Powell had reiterated the need for more stimulus while warning of major risks to the economy without it.
"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," he said during remarks before the National Association of Business Economists.
Democrats have largely resisted efforts to pass piecemeal relief legislation.
Fox Business contributed to this report.