Home Business The US Senate failed to pass the US$500 billion bailout bill. The two-party game continues!
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The US Senate failed to pass the US$500 billion bailout bill. The two-party game continues!

by YCPress

October 22nd, according to US media news, on the 21st local time, the US Senate voted on the US$500 billion new crown economic relief bill, which ended in failure. The game between the two parties in the United States on the bailout bill continues.

According to reports, on the 21st, the U.S. Senate voted 51 to 44 and failed to pass the $500 billion new crown bailout bill (60 votes are required to pass the bill). The bill is intended to supplement weekly unemployment benefits, provide 100 billion US dollars to schools, and allocate funds for testing and vaccine development.

However, the $500 billion price tag for the bill is far below the $2.2 trillion package supported by the Democratic Party. At present, negotiations between the two parties on the bailout bill have been going on for several months. The latest development is that the difference in the amount of money between the two parties has further narrowed, which is currently hovering at around 2 trillion. But this figure is still more than twice the amount of relief that the Senate said it can accept. According to public opinion analysis, as the US election is getting closer and closer, “the window of action is rapidly shrinking.”

Senate Majority Leader and Republican McConnell said before voting in the Senate on the 21st, “We are very clear that the bill before us is neither a Republican nor a Democrat’s’ideal bill’. But this will allow us to pass the vote. Speaker Losey’s’all or nothing’ opinion, and brings the most urgent help to our country.”

The day before, the two parties in the United States showed positive signs of negotiations on a new round of economic relief. The U.S. Democratic House Speaker Pelosi relented on the deadline for the bailout bill, saying that the “deadline” originally set at the 20th would be extended. And Senate Republican leader McConnell also expressed his willingness to allow the Senate to vote on bills supported by the House of Representatives.

Pelosi previously said that the 20th is the deadline for reaching an agreement on the bailout bill before the general election, but she said on the 20th that this is not a dead time, but that the two sides must propose specific terms and continue to talk.

In addition, Pelosi also expressed optimism that the two parties reached an agreement. Pelosi said that the Democratic Party and the White House have further narrowed their differences in the negotiation of a new round of bailout plans, and the two sides are close to reaching an agreement.

White House Chief of Staff Mark Meadows also said on the morning of the 21st: “I am optimistic. We do have a goal, that is, we hope to reach some kind of agreement within the next 48 hours.”

White House Communications Director Alyssa Farah also said later on the 21st that he was “cautiously optimistic” about reaching an agreement.

According to previous reports, since the outbreak of the new crown epidemic, the U.S. Congress has passed four rounds of economic stimulus plans and allocated nearly US$3 trillion, but many aids including unemployment insurance have expired in early August.

The US media quoted analysis as saying that if the two parties fail to reach an agreement on a new round of economic stimulus plan in the near future, it may cause the US economy to decline again in the fourth quarter.