Over the past three days a bipartisan group of senators, not leadership, constructed a $1.6 Trillion emergency aid package to rescue the U.S. economy and American workers. The package had the support of Mitch McConnell. It is called The Coronavirus Aid, Relief, and Economic Security Act, or “CARE Act“. [READ BILL S.548 HERE]
However, at the last minute House Speaker Nancy Pelosi, having returned from her House recess vacation sipping cocktails poolside, instructed Senate Minority Leader Chuck Schumer to crush the senate effort.
Power hungry Pelosi sees an opportunity to use the looming economic crisis as leverage for selecting winners & losers amid the K-Street lobbying community. Donors for Democrats will be rewarded; supporters of Republicans, not-so-much. This is DC at it’s worst and Pelosi isn’t going to lose another opportunity. It’s the same process she used in ’08/’09.
“Twice in one lifetime… How blessed am I?”
Senator Schumer did as he was instructed. The relief bill did not pass cloture (60 votes needed), and the three-day effort collapsed. Immediately the DOW futures dropped 5%.
WASHINGTON DC – “I want everybody to fully understand if we aren’t able to act tomorrow, it will be because of our colleagues on the other side continuing to dicker when the country expects us to come together and address the problem,” McConnell said on the floor. He added that over the last 48 hours there were bipartisan discussions among “regular members of the Senate, not in the Leadership office, not in the speaker’s office for goodness sakes.”
“She’s the Speaker of the House, not the Speaker of the Senate,” McConnell added. “We were doing just fine until that intervention.” (more)
There are two main points Pelosi is targeting. First, because COVID-19 creates a MASSIVE SPENDING opportunity, Speaker Nancy Pelosi wants to include the elimination of college debt, literally wipe out student loans – which ironically and intentionally were created under Obamacare, in the coronavirus bill.


