U.S. Senate Majority Leader Mitch McConnell walks through the U.S. Capitol in Washington, D.C., on December 16, 2020.
Erin Scott | Reuters
Senior lawmakers reached a compromise on the Federal Reserve’s emergency lending powers Saturday night, overcoming a major hurdle that prevented Congress from completing a $ 900 billion coronavirus relief package to early in the week, according to various sources.
A last-minute blockade came out on Friday as Democrats accused Republicans, namely Pennsylvania Sen. Pat Toomey, of trying to tax the incoming Biden administration by cutting off Federal Reserve emergency lending skills. created by the CARES Act aimed at protecting the already mistreated economy.
“Now that Democrats have accepted a major language version of Senator Toomey, we can begin closing the rest of the package to provide much-needed relief to families, workers and businesses,” a spokesman for the Senate majority leader said. Mitch McConnell. NBC News.
According to two assistants, the engagement language is being finalized and all open articles are expected to be worked on overnight.
A Toomey spokesman called the deal an “unqualified victory for taxpayers.”
“Senate Republicans met all four goals related to the Federal Reserve’s CARES Act lending programs,” Toomey spokesman Steve Kelly said.
“This agreement terminates more than $ 429 billion in unused CARES Act funds; terminates CARES Act loan facilities on December 31, 2020 permanently, prevents such facilities from being restarted and prohibits duplicating them without congressional approval. This agreement will preserve the Fed’s independence and prevent Democrats from hijacking these programs for political and social policy purposes, “Kelly added.
Congress leaders set a framework in the middle of the week that was expected to include a $ 300 federal unemployment bonus, a new round of direct payments, funding for small businesses, and money to distribute Covid-19 vaccines.
The House had already advised voting on Sunday at 1 p.m.