WASHINGTON: The White House's sudden exit from fiscal stimulus talks with Democrats in Congress has added another level of doubt to a U.S. economic recovery that already seemed to be weakening, choking off perhaps US$1.5 trillion or more in future income and spending.
U.S. stock markets fell sharply after the announcement, though Trump, a Republican who is seeking reelection in a Nov. 3 vote, later pulled back, saying he would support a few stand-alone bills. Wall Street's main indexes clawed back the bulk of the losses on Wednesday. Local governments meanwhile shed 182,000 jobs in September, according to recent government data, many of them in school systems where the shift to remote learning has made school bus drivers and on-site support staff less necessary."The recovery will continue without , I think, but it's going to be a much slower recovery, and it's disappointing that we didn't get a package done," Cleveland Fed President Loretta Mester told CNBC in an interview on Tuesday.
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