President Trump stopped stimulus talks because passing it would hurt his re-election campaign: Mills

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Ed Mills, Raymond James managing director, joins ‘Closing Bell’ to break down the politics behind President Trump’s decision to stop the coronavirus stimulus talks. Mike Feroli, J.P. Morgan chief U.S. economist, joins to talk about whether the Fed can make up the difference if there is no fiscal stimulus. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

President Donald Trump said Tuesday he has told his administration’s negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election.

The declaration halts an ongoing push to send trillions of dollars more in relief to Americans as the outbreak rampages through the U.S. and the economy struggles to recover from virus-related shutdowns. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi spoke for an hour about a relief package on Monday and planned to talk about a possible agreement again Tuesday. Trump had only three days ago urged the sides to complete a deal, after taking no direct role in the talks for months.

“I have instructed my 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 tweeted on Tuesday.

The president added that he has asked Senate Majority Leader Mitch McConnell to “focus full time” on confirming Supreme Court nominee Amy Coney Barrett, which Senate Republicans have pushed to do before the election amid several Covid-19 cases within their ranks. Trump spoke with Republican congressional leaders about stimulus plans earlier in the day.

Pelosi and Mnuchin spoke Tuesday afternoon, and the Treasury secretary confirmed that Trump pulled out of the talks, the speaker’s spokesman Drew Hammill said in a tweet. Pelosi “expressed her disappointment in the President’s decision,” Hammill wrote.

In a statement responding to Trump’s tweets, Pelosi said Trump “showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress.” She added that “walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus.”

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