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Trump postponed discussion of measures to support the economy until the end of the election

Trump Suggests Election Be Postponed, Congress Disagrees | NBC Nightly News

Trump postponed discussion of measures to support the economy until the end of the election

The US stock market plummeted on Tuesday after the US president announced his decision to postpone talks with Democrats on a stimulus package until the end of November elections..

Immediately after this, the index Dow jones sank 600 points. Index S&P 500 fell 1.4% and the Nasdaq Composite lost 1.6%.

«I instructed my representatives to stop negotiations until the end of the presidential elections. Immediately after my victory, we will discuss and pass a major incentive bill that focuses on hardworking Americans and small businesses.», – wrote Donald trump on twitter.

This announcement was made just hours after the chairman of the Federal Reserve Jerome powell once again called for additional incentives to support the economy. He said that it is much better to go too far with financial support measures than to do not enough and then clean up the consequences..

However, the president does not agree with this position. «Our the economy is working very well. The stock market is at a record high and unemployment is falling at a high rate», – he said.

Level unemployment in September ti to 7.9%, having sharply decreased from the peak of the crisis. However, this is still the highest figure in history, ahead of the presidential election.. The country still has 10.7 million fewer jobs compared to February.

Trump postponed discussion of measures to support the economy until the end of the election

There is no consensus in society regarding Trump’s economic decisions. Some believe things have improved significantly since restrictions eased and businesses reopened after the spring quarantine.. However, for millions of Americans, the economic situation is more dire than ever before.. Entire industries have been devastated by the virus.

Trump’s decision hits hard on those hoping for more stimulus. For unemployed Americans, this means they will have to make ends meet with a smaller budget than at the start of the coronavirus crisis, when the government provided $ 600 in weekly payments.. In July, these benefits ceased to operate.

In August, Trump signed a $ 300 benefit order. Funds were taken from the Federal Emergency Management Agency. Agency Says It May Add Another $ 100 To Current Support.

The past ten days have been a cold shower for stock markets and investors. Donald Trump‘s coronavirus report, a pause in the election race, and now in the posting of the discussion new financial stimulus measures provoked a fever in the stock market.