On Sunday, Treasury Secretary Steve Mnuchin stated that the United States lockdown may last another 10 to 12 weeks. Nevertheless, Nancy Pelosi killed the stimulus that Democrats co-wrote.
Mnuchin told Fox News that the Trump administration is doing everything in their power to hold up the economy as they are preparing to deal with “a 10-to-12 week scenario.”
“The U.S. economy is strong. We’ve stopped major parts of it, but when we get through this virus, as I’ve said, I think you’re gonna see the U.S. economy come back to the strength, we have great companies, we have great workers,” he said. “What we need to do is have a bridge to get through this. And this isn’t the financial crisis that’s gonna go on for years,” Mnuchin said.
This evening the stock futures briefly hit the “limit down,” due to the lack of a stimulus agreement.
Dow Jones Industrial Average futures fell more than 800 points, or 4.5%, along with S&P 500 and Nasdaq-100 futures. Earlier in the session, futures hit their “limit down” levels, falling 5%. Downside limits to futures contracts are implemented to ensure orderly market behavior once trading hits a certain threshold. No trades below that level are allowed.
U.S. crude futures slid by more than 6%, adding to last week’s massive losses and adding to worries about more financial market pain on Monday. Saudi Arabia and Russia are trying to destroy the U.S. shale industry at the same time the coronavirus is blasting through the United States.
Democrats said the stimulus failed to do enough for the American people. Republicans said Pelosi came in at the last minute with a wishlist and killed the bill.
The wishlist included paying off $10,000 in student debt. How is that aid for coronavirus?
Ben Williamson, Rep. Meadows chief of staff, wrote on twitter, “Senate spends all weekend negotiating a bipartisan deal. Agreement reached. Pelosi flies in from California, whips out her unrelated “wishlist,” and says no. Senate Democrats then vote against proceeding on a bill they negotiated.”
Deputy press secretary Ken Farnasco tweeted Democrats killed Phase 3, the package that would deliver checks to American workers.
Remember this. Senate Democrats voted NO on Phase 3 of the #coronavirus aid package. This is the bill that would deliver checks to American workers affected by #COVID19. Why are they playing politics with this? We don’t have the time to go back to the drawing board. https://t.co/nsVKFOMDUM
— Ken Farnaso (@KLF) March 22, 2020
Democrats co-wrote this bill.
The vote was 47-47 (Five GOP senators are quarantined)
The Feds say we are facing 30% unemployment.