Democrats reject $2 trillion rescue package for US economy amid COVID-19 crisis

What Senate leader Mitch McConnell has called a “game of chicken” is Congress rejecting a trillion-dollar proposal by the Senate to rescue the struggling economy of the United States on March 22. As the countries stepping up their precautionary measures to lessen the impact of the deadly coronavirus outbreak on their economy, Senate had tried to persuade the House of Representatives to pass the bill up to $2 trillion in the funding of the American families along with thousands of the shuttering businesses and critically under-equipped hospitals. 

However, Democrats said that the Republican proposal had sufficiently failed to protect millions of American workers during the crisis of the pandemic. The Republicans also lacked support in the Congress with at least five of their party being unable to attend the session due to quarantine-related issues. Despite the intense negotiations between both parties, the bill fell far short The Senate roll call was reportedly 47-47 and it needed at least 60 votes to advance. Moreover, the shock Senate result heaps major pressure on the Congress to come together and give a green signal to federal government intervention as soon as possible, which will also likely to be the largest of its kind in the history of the US. 

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Effect on the US market

According to an international news agency, the crashing of the bill is also likely to have a significant impact on the stock markets when they open the next day. McConnell blasted the Democratic opposition and even warned them of the economic devastation that lies ahead if Congress fails to act swiftly. 

“Our nation cannot afford a game of chicken,” warned Senate Majority Leader Mitch McConnell, “The notion that we have time to play games here with the American economy and the American people is utterly absurd. We need to signal to the public that we’re ready to get this thing done.”

Meanwhile, Democrats believe that the bill did not go far enough to provide health care and worker aid, and also fails to put restraints on a proposed $500 billion “slush fund” for the corporations. Therefore, they proceeded with blocking its advance. Senate Democratic leader Chuck Schummer said that the progress was being made after multiple meetings. 

“There’s a good chance we’ll have an agreement,” Schumer said as the Senate gaveled close, shortly before midnight. “We are fighting for a better bill.”

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(With inputs from agencies)