President Trump says no stimulus package ‘until after the election’

(KYMA, KECY)-  Stocks dropped suddenly on Wall Street Tuesday afternoon after President Donald Trump ordered a stop to negotiations with Democrats over another round of stimulus for the economy.

According to the Associated Press, President Donald Trump said he instructed his administration’s negotiators to stop coronavirus stimulus negotiations with Democrats until after the Nov. 3 election. 

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had talked in recent days as they pushed to strike a relief deal. 

The economy is still struggling under the weight of coronavirus-related shutdowns, as millions of Americans have not returned to work. 

The Dow Jones Industrial Average swung instantly from a gain of about 200 points to a loss of about 300 points.

These negotiations have been punched into a recession by shutdowns related to the coronavirus pandemic.

The series of tweets from the president came just hours after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid, saying that too little support “would lead to a weak recovery, creating unnecessary hardship for households and businesses.”