The Senate failed a second time to pass a stimulus package Monday afternoon after Treasury Secretary Steven Mnuchin said the plan needed to pass today.
Senators fell short of the 60 votes needed to advance the bill. The first vote failed on Sunday.
Senate Majority Leader Mitch McConnell said on the Senate floor just after the vote on Monday that there’s “mindless obstruction going on on the other side; while people are losing their jobs and income… [Democrats] are fiddling around with Senate procedure.”
Negotiations are continuing.
The Dow industrials and the S&P 500 closed down around 3% and the Nasdaq was off just 0.27%.
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Treasury Secretary Steven Mnuchin told CNBC early Monday morning that on top of the major expansion of lending programs announced by the Federal Reserve Board Monday to keep credit markets functioning, Congress needs to approve an additional fiscal stimulus package today.
“Congress needs to approve additional funds today so that we can move forward and support American workers and the American economy,” Mnuchin said during an interview on Jim Cramer’s MadMoney.
“This needs to get passed today,” Mnuchin said.
Sen. Dick Durbin, D-Illinois, stated after the second vote failure that McConnell’s “partisan” coronavirus economic stimulus package failed to garner enough votes to move forward in the Senate.
“This partisan coronavirus stimulus package neglected hospitals, community health centers, health care workers, and first responders; it neglected state and local governments; it neglected our teachers, cafeteria workers, and bus drivers; it neglected small business owners, non-profits, and working class families,” Durbin said.