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Photo: Win McNamee/Getty Images

Within a day of tweeting that he was calling off bipartisan talks for a coronavirus stimulus deal, President Trump phoned House Minority Leader Kevin McCarthy and indicated he was worried by the stock market reaction and wanted a "big deal" with Speaker Nancy Pelosi, per two sources familiar with the call.

What we're hearing: Trump was spooked after seeing the instant drop in the stock market and intense backlash to his tweet, and he has since directed Treasury Secretary Steven Mnuchin to push for a more comprehensive relief bill before the election.

  • He wants a deal that would go beyond securing aid for the struggling airline industry and extending the small business Paycheck Protection Program.
  • Mnuchin swiftly acted on the president's directive and called Pelosi Wednesday evening to tell her negotiations were back on, per a Democratic congressional aide.

Why it matters: Few people on Capitol Hill thought a large-scale stimulus deal would be reached before Election Day, and it's still very unlikely both sides can compromise by then. However, Republicans did not expect Trump to be the one to walk away from the table, and they were even more stunned he did so in such a public way.

  • Washington leaders were even more baffled when, shortly after Trump said he wanted his team to abandon negotiations, he contradicted himself by responding to a headline citing Federal Reserve chair Jerome Powell calling for more fiscal stimulus and saying Congress has a low risk of "overdoing it." Trump's response: "True!" 
  • The sources say Trump told McCarthy in their Wednesday phone call that he agreed with Powell. Trump has long held the view that a bigger deal that delivers more money directly to Americans and businesses would help him win re-election.
  • The White House and McCarthy's office didn't respond to requests for comment.

Between the lines: A person who spoke with Trump yesterday said that while he would never use the word "regret" about scuttling the negotiations, they got the strong impression that Trump realized he had messed up tactically.

  • Trump himself immediately backtracked in a series of tweets later on Tuesday, trying to portray himself as willing to deal and to portray Pelosi as the intransigent one.

The catch: Trump may want a big deal — one where he'd spend several trillion dollars to help himself get re-elected — but that was never going to fly with Senate Republicans. They've long been wary of yet another massive pandemic relief package after all of the money Congress has already spent.

The latest: Trump, during an interview on Fox Business Thursday, said his team was "starting to have some very productive talks" on a bill.

  • "I said, look, we're not getting anywhere: Shut it down. I didn't want to waste time. But in any event, we got back — both sides very capable — we got back, we started talking again," the president continued. "And we're talking about airlines and we're talking about a bigger deal than airlines. We're talking about a deal with $1,200 per person, we’re talking about other things."

What's next: Democrats and Republicans are still hundreds of billions of dollars apart and disagree on what's needed in the bill, and with only 26 days until Nov. 3, an agreement by Election Day is still widely seen as unlikely.

Go deeper

Kudlow says he's "very disappointed" in Trump's treatment of Pence

Larry Kudlow. Photo: Alex Wong via Getty

White House economic adviser Larry Kudlow criticized President Trump’s response to last week's U.S. Capitol siege and his treatment of Vice President Mike Pence in the aftermath of the 2020 election, in an interview with The Wall Street Journal on Friday.

The big picture: Trump has lost support from a number of top aides and allies since a mob of his supporters stormed the Capitol building on Jan. 6, resulting in five deaths. Kudlow is the latest to publicly speak out against the president.

Updated 2 hours ago - Sports

MLB headed for first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is headed for the first management lockout since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost confirmed Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.

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