McConnell blocks Democrats bid for quick approval of $2,000 stimulus checks Follow Us
Question of the Day In this Tuesday, Dec. 15, 2020, photo, Senate Majority Leader Mitch McConnell, of Kentucky, speaks during a news conference with other Senate Republicans on Capitol Hill in Washington, while Sen. John Barrasso, R-Wyoming, listens at left. (Nicholas Kamm/Pool Photo via . more >Senate Majority Leader Mitch McConnell blocked Democrats’ attempt Tuesday to more than triple COVID-19 relief checks to $2,000, and moved to link any increase which has the backing of President Trump with a repeal of liability protections for Big Tech, leading Democrats to delay action on a major defense bill.
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Stocks closed modestly lower Tuesday on Wall Street as investors turned cautious a day after major indexes closed at their latest record highs.
The S&P 500 slipped 0.2%, the benchmark index’s first decline in four days. Investors shifted money away from technology companies, which have been among of the biggest winners since the pandemic began. Industrial and financial stocks also fell broadly. Those losses outweighed gains in health care stocks and companies that rely on consumer spending.
Small-company stocks, which have been the biggest gainers this month, fell more than the rest of the market, pulling the Russell 2000 index of smaller companies 1.8% lower. The index is still on track to end the month 7.7% higher, more than twice as much as the S&P 500.
Senate Republicans block Democratic push for Trump’s $2,000 checks
While denying a vote, Senate Majority Leader Mitch McConnell said the Senate will begin a process to bring the president s demands into focus.
By LISA MASCARO and JILL COLVINAssociated Press
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WASHINGTON Senate Majority Leader Mitch McConnell on Tuesday blocked Democrats’ push to immediately bring President Donald Trump’s demand for bigger $2,000 COVID-19 relief checks up for a vote, saying the chamber would “begin a process” to address the issue.
Pressure is mounting on the Republican-led Senate to follow the House, which voted overwhelmingly on Monday to meet the president’s demand to increase the checks from $600 as the virus crisis worsens. A growing number of Republicans, including two senators in runoff elections on Jan. 5 in Georgia, have said they will support the larger amount. But most Republican senators oppose more spending, even if they are also wary of bucking Trump.