US Senate fails to advance trillion-dollar rescue package

Washington: A trillion-dollar Senate proposal to rescue the reeling US economy crashed to defeat Sunday after receiving zero support from Democrats, who said the Republican proposal failed to sufficiently help millions of Americans devastated by the coronavirus crisis.

The bill, which proposed up to USD 2 trillion in funding for American families, thousands of shuttered or suffering businesses and the nation’s critically under-equipped hospitals, failed by a 47-47 vote when it needed 60 to pass, despite intense negotiations between Republicans, Democrats and President Donald Trump’s administration.

The shock result, which heaps major pressure on Congress to come together and greenlight a federal government intervention, is almost certain to have a profound effect on stock markets when they open on Monday.

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