Published: Mon, March 23, 2020
Electronics | By Kelly Massey

Coronavirus stimulus bill fails to pass in second vote

Coronavirus stimulus bill fails to pass in second vote

Treasury Secretary Steven Mnuchin, who estimated the bill would cost $2 trillion, said before the vote that the two sides were making progress.

In a 49-46 vote on Monday, Democrats voted nearly unanimously against pushing Republicans' $1.8 billion package to a floor vote, putting it far short of the 60 votes it needed to proceed.

Senate Majority Leader Mitch McConnell denounced the "absolutely mindless obstruction" by the Democrats, accusing them of "fiddling around with Senate procedure" while the economy floundered and businesses shut down due to pandemic lockdowns across the US.

"This is not a juicy political opportunity".

Democrats said the bill lacked provisions for health care and unemployment aid to citizens, with Chuck Schumer being the main opponent of the package.

"Our goal is to reach a deal today and we're hopeful, even confident that we will meet that goal", Schumer said.

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Discussions continued Monday morning between both sides and Mnuchin.

United States stock index futures were down early on Monday over fears of economic damage from the growing scale of lockdowns aimed at containing the pandemic, with the Dow down 3.64 percent, the S&P down 3.39 percent and the Nasdaq down 2.79 percent.

The bill represents a third effort by Congress to blunt the economic toll of the pandemic that has killed at least 428 people in the United States and sickened more than 34,000, leading state governors to order almost a third of the nation's population to stay at home and putting much business activity on hold.

"Tax credits for solar energy and wind energy". Senate Democrats have said the final product of the GOP-backed bill didn't meet their minimum demands.

The stakes are high for the financial services industry as lawmakers battle over the details of a new stimulus package to provide economic relief for businesses and consumers affected by the coronavirus outbreak. Republican Senator Rand Paul said he tested positive for the virus on Sunday, and several others have self-quarantined as a precautionary measure.

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