Coronavirus stimulus bill fails in key Senate procedural vote

Key Points

  • A massive funding package to combat the impact of coronavirus did not get enough votes in a key Senate procedural vote Sunday evening.

  • Democratic leaders warned that the bill did too much to bail out companies and not enough to help workers.

  • Stock futures cratered as the two parties failed to agree on the terms of the package.

Who wants to pass a bill which solely supports the workers and small businesses?

Who wants to bail out big businesses, profit from loans, and barely reaches the citizens?

The article below will explain why the current bill has not passed.

Coronavirus relief bill fails in key Senate procedural vote—Here’s why

A massive funding package to combat the impact of coronavirus did not get enough votes in a key Senate procedural vote Sunday evening.

The stalemate came hours after Democratic leaders warned that the bill did too much to bail out companies and not enough to help workers. Stock futures cratered as the two parties failed to agree on the terms of the package.

Republicans had hoped to come to a deal with Democrats by Monday. Hospitals, workers, companies, and states have all warned they need more resources. The airline industry, which is expecting financial relief from the bill, has raised continued alarm that without getting money fast, it could face dire outcomes.

The pressure to forge a deal and pass the bill took on added urgency as several members of Congress have tested positive for the coronavirus.

Democrats had already been frustrated that Senate Republicans drafted a bill with the administration, excluding them from the proposed bill’s original formation.

Image result for working people

Democrats on Sunday called out a number of issues they had with the bill, including a $500 billion fund to support “severely distressed business.” That includes $58 billion for passenger and cargo airlines and $17 billion for businesses critical to maintaining national security, according to a draft bill obtained by CNBC.

Other protections for workers and aid for hospitals were also not included.

“In the midst of an unprecedented national crisis, Republicans can’t seriously expect us to tell people in our communities who are suffering that we shortchanged hospitals, students, workers, and small businesses but gave big corporations hundreds of billions of dollars in a secretive slush fund,” said Sen. Patty Murray, D-Wash., whose home state is one of the hardest-hit by the disease. 

The bill also left open the possibility of the government participating in the gains of its loans, including through warrants, stock options or equity. Trump said he would not be opposed to taking an equity stake in companies to which the government extends aid.

Several unions also came out against the bill, urging more specific provisions to protect jobs.

“The Machinists will not support any relief package that does not put airline workers first,” said Machinists union President Robert Martinez Jr. The union represents some 140,000 airline workers. “Unlike the bank bailout, the airline industry did not create this crisis.”

Ask the Republicans why they find it necessary to load a bill benefiting wealthy companies.

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