TARP Failure Monday? With Hours to Go Until Futures Open, Stimulus Negotiations Hit Wall

from Zero Hedge

With unemployment surging and GDP crashing, negotiations over a massive coronavirus stimulus package are coming down to the wire, as a 3 p.m. vote looms in the Senate over what is expected to cost between $1.5 – $2 trillion.

[…] After blowing past two deadlines that Senate Majority Leader Mitch McConnell (R-KY) set for a deal, failure to come to an agreement could spell further disaster for the markets come Monday.

Republicans have drafted a bill which reflects agreements they’ve reached with Democratic lawmakers, and what they believe will be acceptable compromise on areas of disagreement. However, on Saturday night a spokesman for Senate Minority Leader Chuck Schumer said that there was no agreement yet, and that Democrats would not sign on to McConnell’s proposal without negotiation.

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