It doesn't look like we're going to get a second round of stimulus checks any time soon. After a recent period of optimism following President Trump's Covid-19 diagnosis, the president is pulling the plug on further negotiations until after the November 3 elections.
In a string of Tweets on Tuesday, Trump accused Pelosi of "not negotiating in good faith" and announced that he has instructed White House 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."
The move came as a surprise, since there was reason to believe that Democrats and Republicans were inching closer to a deal. Pelosi seemed more optimistic about reaching an agreement after the president's diagnosis, saying on MSNBC that it "kind of changes the dynamic." Plus, from the hospital, the president publicly urged Democratic and White House negotiators to reach a deal on an economic stimulus bill. That was just three days before cutting off negotiations.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Stock Market Takes a Hit
The stock market dropped quickly after the president announced the end of negotiations. The Dow Jones Industrial Average, which was up by 205 points at one point before the announcement, closed 375 points (or 1.3%) lower for the day. The S&P 500 declined 1.4% to 3,360. For more details, see Stock Market Today: Trump Pulls the Plug on Stimulus, Stocks.
-
The Social Security Test Every Wealthy Retiree Must TakeWhen you work and collect Social Security benefits before your FRA, you are subject to the Retirement Earning Test that could result in a temporary reduction of your benefits.
-
I'm a Government Employee and Need to Get By Until the Shutdown Ends. What Can I Do?The second-longest shutdown in history is leaving many federal workers with bills due and no paycheck to cover them. Here's what you can do to get by.
-
Social Security Tax Limit Rises Again: Who Pays More in 2026?Payroll Taxes The Social Security Administration has announced significant changes affecting millions as we approach a new year.
-
Three Critical Tax Changes Could Boost Your Paycheck in 2026Tax Tips The IRS predicts these tax breaks may change take-home pay in 2026. Will you get over $1,000 in tax savings?
-
The Rubber Duck Rule of Retirement Tax PlanningRetirement Taxes How can you identify gaps and hidden assumptions in your tax plan for retirement? The solution may be stranger than you think.
-
RMDs, Roth, and SS: Test Your Knowledge of Retirement Tax RulesQuiz Don't let the IRS catch you off guard. Take our quiz to reveal common retirement tax rules that could save (or cost) you thousands.
-
IRS Updates 2026 Tax Deduction for People Age 65 and OlderTax Changes Adjustments to the extra standard deduction can impact the tax bills of millions of older adults. Here are some new amounts to know for 2026.
-
IRS Reveals New 2026 Child Tax Credit and other Family Credit AmountsTax Credits Key family tax breaks are higher for 2026, including the Earned Income Tax Credit and the Adoption Credit. Here's what they're worth.
-
Standard Deduction 2026 Amounts Are HereTax Breaks What is the standard deduction for your filing status in 2026?
-
Claiming the Standard Deduction? Here Are Five Tax Breaks for Retirement in 2025Tax Tips If you’re retired and filing taxes, these five tax credits and deductions could provide thousands in relief (if you qualify).
