U.S. Senate Majority Leader Mitch McConnell walks through the U.S. Capitol in Washington, U.S., December 16, 2020.
Erin Scott | Reuters
According to multiple sources, senior lawmakers reached a compromise on the Federal Reserve’s emergency credit powers, overcoming a major hurdle that prevented Congress from finalizing a $ 900 billion coronavirus relief package earlier this week.
A last-minute roadblock arose on Friday when Democrats accused Republicans, namely Senator Pat Toomey in Pennsylvania, of attempting to encumber the upcoming Biden administration by cutting off the Federal Reserve’s emergency credit options created by the CARES law. to protect the already battered economy.
“Now that the Democrats have agreed to a version of Senator Toomey’s important language, we can begin closing the rest of the package to provide much-needed assistance to families, workers and businesses,” a spokesman for Senate leader Mitch told McConnell. NBC News.
Compromise language is finalized and all open items are expected to be resolved overnight, two assistants said.
A Toomey spokesman called the deal an “unconditional victory for the taxpayer.”
“Senate Republicans have already achieved our four goals regarding the Federal Reserve’s CARES Act credit programs,” said Toomey spokesman Steve Kelly.
“This agreement will scrap more than $ 429 billion in unused CARES Act funds; will permanently terminate CARES Act credit facilities on December 31, 2020, prevent these facilities from being restarted, and prohibit their duplication without Congressional approval. maintain the Fed’s independence and prevent Democrats from hijacking these programs for political and social purposes, “Kelly added.
Congress leaders chose a cadre midweek expected to include a $ 300 federal unemployment bonus, a new round of direct payments, small business funding, and money for the distribution of Covid-19 vaccines.
The Chamber had already advised at 1 p.m. on Sunday.