House Speaker Nancy Pelosi wants to go back to square one after no Senate Democrats backed an economic relief bill which would have given $1,000 to every American adult and $500 for each child in the household.
Democrats expressed dissent for a pair of clauses in the bill, something Pelosi said she would address in a new bill.
Senate Majority Leader Mitch McConnell knew Democrats opposed the initial proposal but proceeded with a vote anyway, telling his Democratic colleagues that the bill could be changed to address their concerns during a reconciliatory process (after it passed).
But they didn’t bite and the bill failed.
BizPac Review reports:
On the verge of a Senate vote, House Speaker Nancy Pelosi showed up and stepped into the middle of negotiations on a reported $1.6-trillion emergency package Sunday and declared she would not support the bill. She said she would instead go back to her House chambers and create her own House bill.
McConnell took the floor to report to America exactly how Pelosi’s political “nonsense” is putting the country at grave risk.
McConnell explained Democrats were willing to keep Americans without financial support as a “game of chicken” to see if they can get more things they want in the bill.
“The American people are watching this spectacle,” McConnell said on the Senate floor. “I’m told the futures market is down 5%. I’m also told that that’s when trading stops. So the notion that we have time to play games here with the American economy and the American people is utterly absurd.”
Our nation cannot afford this game of chicken. We cannot afford the cynical partisanship.
This is a national emergency. Not a partisan opportunity.
Doctors, nurses, small business employees, laid-off Americans, and vulnerable seniors need help right now. pic.twitter.com/zXPqodt8ZI
— Leader McConnell (@senatemajldr) March 23, 2020
Ahead of the final vote, the Washington Examiner reported:
Democrats are seeking several changes to the legislation, an aide told the Washington Examiner.
According to the aide, the bill does not have enough worker protections that would keep them from getting fired during the economic slowdown caused by the coronavirus outbreak.
The bill includes hundreds of billions of dollars in grants and loans for businesses intended to keep them from closing and laying off workers.
Democrats want to offer small businesses loan forgiveness if 90% or more employees are retained.
Democrats also seek additional “restraints” on how the Treasury Department can use liquidity to help industries hurt by the economic slowdown. On Fox News Sunday, Treasury Secretary Steven Mnuchin said the federal government would be able to “lever up to” $4 trillion to help businesses for up to 120 days.
According to the report, Democrats did not want any money to go to benefit properties owned by President Trump.
The liberal lawmakers also said they wanted restrictions on larger companies from engaging in stock buybacks and wanted more protections for workers in the airline industry who could still be at risk to lose their jobs.