Democrats Successfully Blocks Trump’s Trillion-Dollar Stimulus Fund for Coronavirus
Amidst the deadly pandemic, the Democratic party had successfully blocked the bill for Trump’s $2 trillion coronavirus package, leaving businesses and millions of Americans economically vulnerable.
Senate Majority leader Mitch McConnell lashed out on House Speaker Nancy Pelosi and her party for promoting bipartisanship amidst the crisis. In an official statement, the senate leader said, “I want everybody to fully understand if we aren’t able to act tomorrow, it will be because of our colleagues on the other side continuing to dicker when the country expects us to come together and address the problem.”
McConnell continued to say that bipartisanship was very much alive among every member of the senate. He also addressed the controversial House Speaker and reminding her that she is not the “speaker of the Senate.”
Even Sen. Kevin Cramer expressed his disappointment on Sunday, describing the situation as “pathetic.” In his statement, the senator said that bipartisanship had made millions of Americans short-changed, as senators spent precious time debating over bipartisanship rather than providing immediate solutions to the crisis.
The bill which aims to provide economic relief for Americans affected by the pandemic failed to get the 60 votes needed to officially pass the bill into legislation. Both the GOP and Republicans received 47 votes.
In the Democrat’s defense, Senate Minority Leader Chuck Schumer blamed the GOP for the senate’s inability to reach an agreement. In his statement, Schumer accused McConnell of “playing games,” citing that the leader already knew the bill’s outcome, yet they still pushed for it without giving in to compromise. He even went on to say that the Democratic party was willing to cooperate and forget about politics to immediately resolve the crisis.
The left-wing party also reasoned out that the package was more about helping big corporations, rather than focusing on individuals and local healthcare. The only problem was that the Democrat’s refusal to provide relief for American businesses drove down the economy even further.
In fact, the once strong American stock market took another 3.8% plunge or 735 points as of 4:30 AM today. This gave another huge dent to the already drowning market, making it the sharpest drop since the 2008 financial crisis.
To illustrate how bad things have become, just last week, the Dow Jones Industrial Average fell off by as much as 4,011 points or a whopping 17.3%. On the other hand, the S&P index lost 14.98% while the second-largest stock market, the NASDAQ Composite fell off 12.64%.
Meanwhile, in his interview for Fox News, Treasury Secretary Steven Mnuchin explained that the new third stimulus package includes: providing retention loans for small businesses which will help them pay for their workers, providing a $3,000 cash assistance for American households enough for a family of four, insurance for those who had been laid off during the pandemic, and a $4 trillion to stabilize the economy. The stimulus would also provide enough funds for hospitals and health workers.
The situation has become more serious that eight states have already issued a “stay-at-home” order. According to the latest figures by John Hopkins University & Medicine, the coronavirus had infected more than 32,799 Americans and 409 related death. Over-all, 177 patients have finally recovered.