The US Senate on March 22 was unable to approve an economic stimulus package of US President Donald Trump’s administration worth nearly 2,000 USD in order to “save” the economy which was plummeting due to the impact of the COVID-19 epidemic and Low oil prices since early March.
|The US Senate did not approve Trump’s trillion-dollar stimulus package. Artwork: FT|
The Senate failed to obtain the 60 votes needed to advance economic measures.
The failed vote was described by the New York Times as “astounding” after Democratic senators argued that the stimulus package was only intended to support corporations with little impact on workers, the most important beneficiary.
The US newspaper said the opposition to the stimulus package could cause the Democratic Party to be considered to have a political reaction when it obstructs important measures to support Americans to support the developing economy facing. crisis. However, US Democratic Senators say they are forced not to pass this stimulus package to other measures to “bring justice to the public and the market”.
Reportedly, before voting, the Democratic Party and the White House conducted negotiations to find an appropriate measure. In the end, Democrats still voted against making the stimulus impossible.
The failure of the vote through the nearly $ 2,000 billion stimulus package, including cash support to American families, continues to be bad news for the US stock market.
Meanwhile, Republican Senators condemned the actions of members of the Democratic Party. They argue that the action has ruined previous discussions and created a concern about whether Congress can deal with a “shaky” economy.
Republican Senator Susan Collins of Maine said: “This is irresponsible and unwise. They are playing with fire.”
Senate leader Mitch McConnell has harshly condemned the actions of Democratic Senators in an effort to save the country’s major economic shock, since 2008.
After the failed vote, the Democratic Party and the White House will continue to sit together to negotiate late at night.
McConnell said that if there is no new deal to work at night between U.S. Treasury Secretary Steven Mnuchin and Democratic Party leader Chuck Schumer in the Senate, he will hold a vote. at 9:45 am on Monday morning (local time), which is 15 minutes after the mayor opened.
Failure to approve the US $ 2,000 billion bailout package made the US market continue to witness a catastrophic drop.
According to Business Insider, US stock prices on the US futures market plummeted in the afternoon trading session on March 22 (US time, March 23 morning in Vietnam). The S&P futures fell more than 4.1%, the Dow Jones evaporated 5% while the Nasdaq also lost 4.3%. All signs that Wall Street will start a new week in extremely bad situation.
Meanwhile, oil prices continued to decline in the morning session on 23/3. Brent oil price (UK) dropped 5.49% to 25.50 USD / barrel. US oil also dropped 3.27% to 21.89 USD / barrel.
Joseph McMonigle, senior energy policy analyst at Hedgeye Potomac Research, said: “We believe that oil prices will continue to decline in the near future, amid a declining demand for crude oil. law, plus the global stock market fluctuate constantly and limits all production activities after 1/4 of many countries over. “