Credit: Screen grabs
Democrats Torpedo Emergency Coronavirus Bill That Would Send Cash to Regular Americans

Democrats Torpedo Emergency Coronavirus Bill That Would Send Cash to Regular Americans

WASHINGTON (Reuters) — Democrats on Sunday blocked the advance of a far-reaching $1 trillion-plus coronavirus stimulus package in the Senate.

They defended their opposition in a procedural vote, saying the bill was overly weighted toward corporate interests at the expense of healthcare workers, hospitals and state and local governments.

However, Republicans accused Democrats of obstructing a badly needed relief effort in the midst of a national emergency.

With the coronavirus pandemic in the United States intensifying, Democrats and Republicans scrambled on Monday to overcome the legislative limbo and reach an agreement.

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Lawmakers were keenly aware that the failure to strike a deal could trigger heavy losses in U.S. stock markets when they open on Monday morning, with Wall Street analysts and investment managers expecting another rough week.

U.S. stock index futures were down early on Monday over fears of economic damage from the growing scale of lockdowns aimed at containing the pandemic, with the Dow down 3.64 percent, the S&P down 3.39 percent and the Nasdaq down 2.79 percent.

The Senate is scheduled to reconvene at noon.

Trump slams “pure politics” after Democrats block coronavirus bill

Both sides remained confident that a deal could still be agreed upon swiftly, and President Donald Trump warned a rattled American public would take a dim view of an impasse. “The only reason a deal couldn’t get done is pure politics,” Trump said on Sunday.

The bill is Congress’ third effort to blunt the economic toll of a disease that has killed at least 420 people in the United States and sickened more than 33,000, leading state governors to order nearly a third of the nation’s population to stay at home and putting much business activity on hold.

The measure includes financial aid for regular Americans, small businesses and critically affected industries, including airlines.

Prior to the Senate procedural vote on Sunday, Democrats raised objections to the relief bill, with Chuck Schumer, the top Senate Democrat, saying more money was needed for community health centers, nursing homes, masks, ventilators, personal protective equipment and aid to state and local governments.

Senate Majority Leader Mitch McConnell urged Democrats to stop their “obstruction,” saying it was delaying aid and hurting financial markets. Democrats decried the Republican proposal as prioritizing the needs of Wall Street and corporate America over those of average people.

Negotiations between the two sides, along with U.S. Treasury Secretary Steven Mnuchin, went deep into night on Sunday. The speaker of the House of Representatives, Nancy Pelosi, said Democrats in that chamber would begin crafting an alternative bill should the Senate not reach an agreement.

Meanwhile, in a sign of the disease’s spread, Republican Senator Rand Paul on Sunday said he had tested positive. Republican Senators Mike Lee and Mitt Romney said they would self-quarantine as a result, which will likely keep them off the floor for further votes.

At the White House on Sunday, Vice President Mike Pence said 254,000 Americans have been tested for the virus and slightly more than 30,000 have tested positive.

(Reporting By Richard Cowan, Susan Heavey, Arshad Mohammed and Andrea Shalal; writing by Arshad Mohammed and James Oliphant; editing by Chizu Nomiyama; Pluralist contributed to this report.)

Cover image: President Donald Trump./Senate Minority Leader Chuck Schumer, D-N.Y. (Screen grabs)

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