Democrats Block Crucial Coronavirus Relief Bill, Sending Markets into Freefall
Critical $2 trillion bipartisan economic relief package blocked by Senate dems
Democrats have voted to block a crucial bipartisan bill aimed at providing economic relief to Americans amid the global coronavirus pandemic.
Senate Democrats blocked the critical $2 trillion coronavirus economic relief package in a 47-47 vote on Sunday night.
The move has reportedly sent futures markets into freefall, plummeting by over 5 percent.
Democrats have stalled the plan to pass the bill by Monday and send it to the House for a vote, according to the Washington Examiner.
President Donald Trump and congressional leaders were hoping the measure would send a signal to help stabilize the stock market and U.S. economy.
The outbreak of the Chinese virus has triggered fears of recession, as economic analysts estimate unemployment levels could hit up to an unprecedented 30 percent in April-June with GDP contracting by 50 percent - figures not seen since the Great Depression.
Democrats blocked a package that includes direct cash payments averaging around $3,000 per family ($1,000 per adult and $500 per child), according to The Blaze.
The bill also included an expansion of unemployment benefits and over $850 billion in loans to small businesses and industries directly impacted by the deadly pandemic that has brought the U.S. economy to a grinding halt.
Secretary Mnuchin joined FOX News Sunday to discuss the latest economic relief package being discussed on Capitol Hill amid the coronavirus pandemic. Some highlights include small business loans, direct deposits, and enhanced unemployment insurance. #FNS #FoxNews pic.twitter.com/1eZKI15ONC— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
As recently as Saturday, Democratic Minority Leader Chuck Schumer (D-NY) was hailing the measure as bipartisan.
But Democrats sang a different tune on Sunday, arguing the relief amounted to a "slush fund" for corporations.
Republicans blasted the Democrats for playing politics at the expense of American taxpayers.
"You'd think the nonsense [Bernie Sanders] class warfare rhetoric would take a break for a minute during a pandemic," a Senate source told RealClearNews.
"Corporations employ Americans. This is about keeping their jobs, not corporate executives."
Senate Majority Leader Mitch McConnell (R-KY) blasted Democrats' obstruction in a fiery Senate floor speech.
"The notion that we have time to play games here with the American economy and the American people is utterly absurd," he said.
"We'll have this...vote again at some point of my choosing and hopefully some adults will show up on the other side of the room and understand the gravity of the situation and the need to act before the markets go down further and the American people become even more depressed about our lack of ability to come together under the most extraordinary of circumstances," McConnell said.
McConnell also noted that Democrats would not have been disadvantaged if they had allowed the bill to proceed in its current form and further negotiations would have still been possible.
Senate Majority Leader Mitch McConnell after Democrats block coronavirus relief bill: “the American people expect us to act…this obstruction achieves nothing"https://t.co/d2WM0q0ESS pic.twitter.com/DNoVV89M3p— RNC Research (@RNCResearch) March 23, 2020
"If this vote had succeeded...it would have required potentially 30 more hours of discussion during which negotiations could go on as long as they would like," he said.