iStock/Timothy Baker(NEW YORK) — As more Americans have their their jobs impacted by the COVID-19 pandemic, the Senate on Monday failed to pass a two trillion dollar stimulus package. The division was bipartisan, with the vote stalling 49-46. The bill required 60 votes to pass through for further debate.
Called the Coronavirus Aid, Relief, and Economic Security Act, the bill would provide relief to hospitals and small businesses, along with preventing layoffs while supporting families.
Senate Majority Leader Mitch McConnell lambasted Democrats for withdrawing their support of the measure, saying, “Democrats won’t let us fund hospitals or save small businesses unless they get to dust off the Green New Deal. They ought to be embarrassed. This is not a juicy political opportunity, this is a national emergency.”
McConnell also asked why Democrats suddenly pulled the support of a “bill they helped write.”
Senate Minority Leader Chuck Schumer said the bill failed because it “still includes something most Americans don’t want to see: large corporate bailouts with almost no strings attached.”
Democrats say they would support a measure that would put Americans first and not corporations.
In addition, House Speaker Nancy Pelosi said she would introduce the Take Responsibility for Workers and Families Act, saying it would patch the holes in the Coronavirus Aid, Relief, and Economic Security Act while prioritizing working Americans and families.
Pelosi’s bill, however, would not be able to be voted upon by Tuesday as the rest of the House requires a 24-hour heads-up first.
Added House Majority Leader Steny Hoyer that the house is not yet “in a position to vote on the third piece of emergency legislation to respond to the economic impact of this crisis.”
The uncertainty roiled markets on Monday, causing more significant drops in the Dow Jones Industrial Average, S&P 500, and the Nasdaq.
The Dow Jones Industrial Average shed an additional 582 points by closing, a three percent loss while the S&P 500 gave up 2.93 percent.
The Nasdaq fared better, losing just 0.27 percent by closing.
All three indexes have shed 30 percent from their previous highs, which they reached in February, officially ushering in a bear market.
Moody’s Investor Services Vice President William Foster predicts that the market will remain anemic for an extended period of time, saying the pandemic will have “a significant negative impact” on the global economy and growth despite intervention from governments and banks.
Currently, 593 people have died in the U.S. due to the virus and there are now over 41,700 documented cases of COVID-19. Officials caution the virus is accelerating.
The virus has sickened over 372,000 people around the globe and killed over 16,300.
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