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 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…

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.