The GOP-controlled Senate has failed to move forward with considering the $1.4 trillion (£1.197 trillion) “Phase Three” stimulus package intended to help businesses and families devastated by the coronavirus outbreak.
Democrats have opposed the plan on the grounds that the draft aid package did not go far enough to provide health care and unemployment aid for Americans.
This has caused major backlash from Republicans as both sides race to get their aid package approved.
The opposition also complained the package failed to put restraints on a proposed $500 billion (£427.75 billion) “slush fund” for corporations.
Massachusetts Sen. Elizabeth Warren savaged the proposals, saying: “We’re not here to create a slush fund for Donald Trump and his family, or a slush fund for the Treasury Department to be able to hand out to their friends.”
Donald Trump has failed to move forward with the phase 3 bill
The package intended to help businesses and families devastated by the coronavirus outbreak
“We’re here to help workers, we’re here to help hospitals.”
Critics argued the ban on corporate stock buy-backs were far too weak and the limits on executive pay would last only two years.
Democrats also pushed for add-ons including food security aid, small business loans and other measures for workers — saying the three months of unemployment insurance offered under the draft plan was insufficient.
Senate Minority Leader Chuck Schumer, D-N.Y., said the draft package “significantly cut back our hospitals, our cities, our states, our medical workers and so many others needed in this crisis.”
Democrats have opposed the plan on the grounds that the draft aid package did not go far enough to provide health care and unemployment aid
House Speaker Nancy Pelosi, D-Calif., urged colleagues to “take responsibility” as Democrats prepared their own draft.
However, Senate Majority Leader Mitch McConnell was furious the package failed to make it through.
The majority leader blasted the Democrats over failing to move forward with their proposed coronavirus relief package.
He also tore into the house speaker, claiming the week long recess “poured cold water” over the whole process.
Democrats also pushed for add-ons including food security aid, small business loans and other measures for workers
House Speaker Nancy Pelosi, D-Calif., urged colleagues to ‘take responsibility’ as Democrats prepared their own draft
He also said the Senate would re-vote on the motion to proceed with consideration of the bill Monday morning, “15 minutes after the markets open to see if there’s a change of heart.”
The urgency to act has been mounting, as jobless claims are on the rise.
The economy is under threat with so many businesses shuttered as a result of social-distancing.
The financial markets are set to re-open Monday is yet to be any signicicant action to soften the impact or the blow of the health-care crisis.
The US is yet to vote on how best to keep paychecks flowing for millions of workers affected by the crisis, along with the support for businesses and aid hospitals.
Experts have warned of a looming recession as a result of the outbreak.
Meanwhile, a major breakthrough in testing for COVID-19 has been made by a US diagnostics company, which will speed up the process of identifying those infected with the deadly virus.
The new test has been developed by the molecular diagnostics company Cepheid and should be rolled out by the beginning of this week.
Elizabeth Warren said – ‘We’re not here to create a slush fund for Donald Trump and his family’
It will allow hospitals and clinics to carry out tests and confirm diagnosis of infection on-site.
This would be done without the need to send samples to a dedicated diagnostics laboratory.
The molecular based test allows for a high degree of accuracy and uses the company’s GeneXpert machine to produce results on-site.
The test was granted special “emergency use authorization” by the US Food and Drug Administration (FDA).