The markers slumped into the close Monday after the Senate failed for a second day to pass a massive fiscal stimulus bill of nearly $2 trillion to help mitigate the economic fallout from the coronavirus pandemic.
The bill has been stalled for two days over objections to a $500 billion fund to be overseen by Treasury Secretary Steven Mnuchin.
Senator Chuck Schumer and Treasury Secretary Steven Mnuchin have said that both sides--Republicans and Democrats--are close to a compromise on the $2 trillion economic package.
Watch the video above to see what Jim Cramer says about the package.
I completely agree with you. I think it's all of our duties right now to prevent anyone from getting sick because we don't know if we're carriers and you're right about not having enough testing for now. Let's talk about the economic impact right now because the Democrats and Republicans are getting really close to this $2 trillion economic package. Is this going to be enough to keep the economy afloat?
Yeah. Well, it can be levered if the treasury sector would get $500 billion of which he agreed this morning in my interview. I asked speaker Pelosi agreed to have oversight, any oversight that she wanted, but that can be levered up to $4 trillion. That can keep the country in business but doing nothing until we get test test test. We're not going to be able to be in a situation with this community demand until we're quarantining people over 70 who are most at risk and testing the people who go back to work and perhaps everybody has to go to work wearing a mask and wearing gloves, wearing goggles. I don't care. We need to get people back to work, but we can't have them back to work if they don't have the conviction that if they get tested, they will have to wait a ridiculous amount if there are no tests and it's one of the things I think that has been totally misjudged here.
A lot of people who think we should go back to work or people who say, "Hey listen, and you'll do fine if you go back." And the answer is, "You need a ventilator if you're having trouble breathing and we don't have enough ventilators." So it's not just that we needed to flatten the curve because of hospital beds. We don't have enough ventilators and we don't have enough testing and that puts us far behind South Korea, far behind Taiwan. Now those were countries that had to deal with SARS, obviously far behind the new China, you have Wuhan and puts us in league perhaps with Milan and we're not ready for Milan, we're just not ready for it.
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