Senate Majority Leader Mitch McConnell on Wednesday closed off chances that the Senate would pass anytime soon a House bill that would give most Americans $2,000 stimulus payments.
The Kentucky Republican said the House legislation, approved in a bipartisan vote Monday, “has no realistic path” to quick passage in the Senate and that it falls short of the demands of President Donald Trump. He again blocked an attempt by Democratic leader Chuck Schumer to adopt the House bill to increase the payments to $2,000 from the $600 by unanimous consent.
Rahul Sharma is a senior project manager with US Bank, specializing in open banking APIs and embedded payments technology. With over a decade of experience in the financial technology sector, he has pioneered the development and scaling of API-based payment solutions across multiple payment networks including RTP, FedNow, ACH and Push to Card systems.
Srikanth Narayan is CEO of Cache Financials (Cache), founded in 2022 along with its subsidiary investment advisor Cache Advisors.
Previously, he served in engineering and product leadership positions at Uber and Alphabet. Self-taught in finance and economics, Narayan combines his technical expertise with financial acumen at Cache, which gives investors with large stock positions access to advanced products, tools and insights. He received a bachelor's degree in computer science from the RV College of Engineering, India and a master's degree in human-computer interaction from the University of California, Berkeley.
The Senate instead will work on combining the stimulus payments with measures on election integrity and rolling back social media liability protections, he said. That responds to all three issues Trump has said he wants, but a bill combining them likely will alienate enough senators in both parties to leave prospects for bigger stimulus payments dead in the Senate.
“The Senate is not going to be bullied into rushing out more borrowed money into the hands of the Democrats’ rich friends who don’t need the help,” McConnell said. The House bill would raise the income cutoff to receive a payment.
The clash over the payments also is entangling another piece of year-end business in the Senate — a vote to override Trump’s veto of a crucial $740.5 billion defense policy bill. Senators Bernie Sanders and Ed Markey said they will continue to delay the defense legislation vote unless McConnell relents and allows a vote on a standalone bill on the bigger stimulus checks.
“We are saying to Mitch McConnell, to allow the United States Senate to do what it’s supposed to do, and that is the vote,” Sanders told reporters. “The House passed the bill, it’s over here right now. Do you want to vote against it? Then vote against it.”
Pennsylvania Republican Senator Pat Toomey later blocked an attempt by Sanders to call up the House bill for a roll call vote.