Last night, every Senate Democrat voted to block critical funding intended for Americans faced with the fallout from the coronavirus. It’s almost like Democrats don’t care about the crisis America is facing. It’s almost like they’re willing to roll the dice to see if their actions can hurt Trump’s chances of re-election.
The economic relief package was worth more than $2 trillion.
Nancy Pelosi’s daughter, Christine, actively campaigned to help her mother take down the relief package for Americans:
YOUR CALLS ARE WORKING:
Senate vote on McConnell Corporate Slush Fund is FAILING to proceed!
A Senate “cloture” vote needs 60 Aye votes to advance a bill.
The Vote is still open. Keep those calls coming! https://t.co/wFpSszCaPu
— Christine Pelosi🗽 (@sfpelosi) March 22, 2020
The Washington Examiner explains– Lawmakers and the Trump administration hoped to send a positive message to unstable stock markets and to Americans worried about the decimated economy and the job losses caused by the spread of the virus.
The measure includes sending direct cash payments that would average about $3,000 per family and expanding unemployment insurance, as well as $350 billion in aid to struggling small businesses. It also provides $500 billion in loans to industries hurt by the economic slowdown.
But Democrats are holding out for big changes to the bill, which they argue creates a “slush fund” for big industries and lacks sufficient protections for workers. They voted against a procedural bill to start debate on the bill, which Senate Majority Leader Mitch McConnell hoped to pass by Monday.
The Phase 3 COVID-19 economic stimulus bill needed 60 votes to pass. Every Democrat Senator voted “no.” Senator McConnell switched his vote to no, allowing for 2nd vote. 5Rs Gardner-CO, Lee-UT, Paul-KY, Romney-UT & Scott-FL are in self-quarantine & missed the vote.
After the cloture vote failed in the Senate, Democrat Speaker Nancy Pelosi gloated about the Democrat’s efforts to stop the aid package for Americans and American businesses.
Here’s the summary of the S.3548 bill that was introduced in the Senate (03/19/2020):
Coronavirus Aid, Relief, and Economic Security Act or the CARES Act
This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.
The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.
With respect to small businesses, the bill
- establishes, and provides funding for, forgivable bridge loans; and
- provides additional funding for grants and technical assistance.
The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).
The bill establishes limits on requirements for employers to provide paid leave.
With respect to taxes, the bill
- establishes special rules for certain tax-favored withdrawals from retirement plans;
- delays due dates for employer payroll taxes and estimated tax payments for corporations; and
- revises other provisions, including those related to losses, charitable deductions, and business interest.
With respect to health care, the bill
- provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
- limits liability for volunteer health care professionals;
- prioritizes Food and Drug Administration (FDA) review of certain drugs;
- allows emergency use of certain diagnostic tests that are not approved by the FDA;
- expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
- revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.
With respect to education, the bill
- temporarily suspends payments for federal student loans; and
- otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.
The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.
Here’s what Democrats wanted to have included in the coronavirus aid bill: airline fuel emission controls, wind, and solar tax credits and collective bargaining power for unions.
WOW. You knew it was coming.
Pelosi and Schumer are demanding airline fuel emissions, wind and solar tax credits, and increased collective bargaining power for unions in the pandemic relief package. They are holding up checks to Americans to please their donors.
— thebradfordfile™ (@thebradfordfile) March 23, 2020
The Washington Examiner reports – Futures for the S&P 500 fell by 5%, forcing a stop to trading just minutes after trading opened.
Expectations for stocks declined just as the Senate began voting to advance a Republican-authored $2 trillion economic relief bill without Democratic sign-on. Democrats stopped the bill from advancing.
Members of both parties and President Trump had hoped to enact the legislation by Monday. But Democrats said that the GOP bill was too partisan to support. Democrats were seeking to attach more safeguards to federal assistance given to industries hammered by the coronavirus pandemic.
The bill is meant to provide direct cash to families, grants to small businesses that keep employees on payroll, emergency loans to businesses, and other forms of relief for individuals, industries, and the healthcare system.
Economists are anticipating the unemployment will soar in the weeks ahead as entire sectors shut down to prevent the spread of the virus.