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President Trump. Photo: Jim watson/Getty Images

President Trump, speaking from a podium at his golf club in Bedminster, N.J., on Friday announced that he is prepared to issue executive orders suspending payroll taxes and extending enhanced unemployment benefits through the end of 2020, and halting student loan interest and payments indefinitely.

Why it matters: The impending orders come after talks between the White House and Democratic leadership collapsed Friday afternoon. But Trump said he remains committed to striking a deal with Congress on a broader stimulus package before signing the orders.

What they're saying: Trump, who emerged to the tune of "Hail to the Chief" and spoke before a large group of club members, said that "if Democrats continue to hold this critical relief hostage, I will act under my authority as president to get Americans the relief they need."

  • He said his lawyers are currently drafting the orders.

Go deeper

Senate Democrats block vote on McConnell's targeted COVID relief bill

Photo: Stefani Reynolds/Getty Images

Senate Democrats on Wednesday blocked a vote on Republicans' $500 billion targeted COVID-19 relief bill, a far less comprehensive package than the $1.8 trillion+ deal currently being negotiated between the Trump administration and House Democrats.

Why it matters: There's little appetite in the Senate for a stimulus bill with a price tag as large as what President Trump and House Speaker Nancy Pelosi have been calling for. Senate Majority Leader Mitch McConnell's (R-Ky.) "skinny" proposal was mostly seen as a political maneuver, as it had little chance of making it out of the Senate.

Oct 20, 2020 - Politics & Policy

McConnell urges White House not to strike stimulus deal before election

Senate Majority Leader Mitch McConnell. Photo: Stefani Reynolds/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) has urged White House negotiators not to cut a deal with Democrats on new coronavirus stimulus before the election.

Driving the news: McConnell informed Senate Republicans of the move at a closed-door lunch on Tuesday, two people familiar with his remarks tell Axios. McConnell's remarks were first reported by the Washington Post.

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.