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McConnell blocks Schumer's request to pass $2k checks

Yahoo Finance's Jessica Smith joined Yahoo Finance Live to discuss the latest news about stimulus checks.

Video Transcript

SEANA SMITH: We want to get to the latest out of DC. We brought to you earlier Senate Majority Leader Mitch McConnell blocking Senator Schumer's attempt to unanimously approve that $2,000 in direct payments to Americans.

We got a little bit more just on the potential timing that we could see as McConnell has promised that the Senate is going to look to address President Trump's demand for bigger stimulus checks.

We want to get to Jess Smith for the latest on that timing. Jess.

JESSICA SMITH: Yeah, Seana, we are expecting a procedural vote to override the president's veto of the NDAA-- that's the defense policy bill-- tomorrow. McConnell had wanted to fast track this, but senators Bernie Sanders and Josh Hawley had said they would delay that process if they didn't get a vote on $2,000 stimulus checks. So without unanimous consent to move forward with this veto override, the earliest the Senate could take that up is Friday or possibly Saturday.

Now we heard from Minority Leader Chuck Schumer earlier today on the Senate floor. He said that the Senate cannot leave until it deals with the NDAA override and voting on giving Americans $2,000 stimulus checks. Let's watch.

CHUCK SCHUMER: So Leader McConnell holds the key to unlocking this dilemma. The solution is a simple one. Put both bills up for a simple up-or-down vote, and then let the chips fall where they may.

JESSICA SMITH: So McConnell spoke today about the issues that President Trump has highlighted in the past week or so when he was debating signing that COVID-19 relief bill. He said the three issues are $2,000 stimulus checks, repealing or reforming section 230, and then investigations into the elections.

Now some Republicans are supportive of the $2,000 checks. We've seen more and more Republicans say that they could be on board with that today. But before the Senate adjourned for the day, McConnell did take some steps to start the process of putting two bills on the Senate calendar. One is that House-passed bill that would increase the stimulus checks to $2,000. The other is a bill that would increase the checks and repeal Section 230.

So if the Senate tries to pass a different bill or change the one the House passed, tweak it in any way, the House is going to have to take that up again too. So the only way to get this done is to either pass the $2,000-check bill that the House already did, tweak something else, have the House take that up as well, and all of this has to get done by Sunday. So the Senate is in a real time crunch here, Adam and Seana.