The president announced the decision through his Twitter account Tuesday afternoon.
He told his administration’s negotiators to end the coronavirus stimulus talks with Democrats until after the election on November 3rd.
The president blamed Speaker Nancy Pelosi saying she was asking for $2.4 trillion to bail out cities that he calls poorly-run by Democrats and Trump said the money had nothing to do with COVID relief.
He said that his administration offered $1.6 trillion.
Trump said his plan is to offer a major stimulus bill after the election.
Treasure Secretary Mnuchin and Pelosi have been meeting frequently in recent days to try and hammer out a deal.
The president’s tweets did not assure the stock market. The Dow Jones Industrial Average fell by more than 300 points after the announcement.
Federal Reserve Chair Jerome Powell warned a weak recovery could begin if Congress does not approve more fiscal stimulus.