Monday morning is deja vu all over again.
In September of 2008, Congress voted down then-Treasury Secretary Hank Paulson’s request for $878 billion in relief to combat the initial market reactions to Lehman Bros. bankruptcy filing.
Welcome to the 2020 sequel.
However sequels only work in Hollywood and not on Wall Street. Dow futures are down more than 4% at 5AM EDT.
Majority leader Mitch McConnell accused Senate Democrats of “playing Russian roulette with the market.” A new procedural vote is scheduled for noon Monday after initially scheduling it for 9:45 AM.
Senate Democrats successfully blocked the coronavirus stimulus package Sunday evening from moving forward as five GOP senators were unable to vote due to coronavirus or being self-quarantine.
The procedural vote is on a “shell” bill, which has no specifics, but would be swapped out for the negotiated language and moved to a vote quickly.
Look for updates here during the day and hold onto your hat at the opening bell.