"It's not going to pass this house, the Senate," said Schumer. "It will be defeated here in the Senate."

Perhaps justifying Senate Majority Leader Harry ReidHarry ReidTop Lobbyists 2017: Grass roots Boehner confronted Reid after criticism from Senate floor GOP in uncharted territory rolling back rules through resolutions MORE’s (D-Nev.) decision to expedite the bill’s defeat by moving to table it, Schumer said the Senate ought not to waste much time on the legislation.

"Let's not waste five, six, seven, eight more hours," said Schumer. "Let's start negotiating something that will save this country from potential financial catastrophe now."