The goal on Saturday is to reach a deal that can be endorsed by the so-called four corners of Congress – Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy – and draft the language of the account on weekends.
Whether congressional leaders can reach a deal on Saturday and pass it on before Sunday evening when government funding ends remains an important question.
Senate Majority Whip John Thune warned on Saturday that the effort to finalize a deal could spill over to Monday.
“I’m still somewhat hopeful that we can get this done if Parliament moves quickly and we have it, record it and do it tomorrow night, but I would say it is also entirely possible that it rolls over to Monday,” he said.
The big outage is a dispute over whether or not to curb the Federal Reserve’s emergency lending agency. Republicans argue that the emergency credit program created under the March CARES law should be phased out as envisioned by that law, saying that leaving it open amounts to a slush fund for the incoming Biden government.
But Democrats argue that the authority is essential to continuing to support the economy, saying the provision – mostly under pressure from Senator Pat Toomey – would tie the hands of President-elect Joe Biden’s team.
During a caucus call, Pelosi told Democrats the main obstacle is language pushed by Toomey to push back the Federal Reserve’s emergency lending agency. She said there are other outstanding issues, but that remains the biggest, a source familiar with the call told CNN.
Pelosi said when she arrived at the Capitol that “the plan” is to reach a deal today, but first they must resolve the “significant difference” from the Federal Reserve’s funding issues.
“We had a big problem, one last, tiny case with Mr. Toomey. And that must be resolved. And then everything falls into place. But that’s the most important thing, ”she said.
Schumer similarly addressed the dispute in comments on the Senate floor Saturday, calling it the “number one unresolved issue” to close a deal.
Asked for an update on the talks, Senate Democratic Whip Dick Durbin replied simply, “Toomey, Toomey, Toomey.”
The proposal, said Schumer, “is not about Covid or helping the American people. It’s about tying the hands of the next Secretary of the Treasury and the next Fed chairman in a real emergency.”
McConnell said on Saturday that Congress leaders should “wrap up our talks, legislate and land this plane.”
McConnell warned, “There is a kind of gravity here in Congress where, unless we’re careful, any major negotiation can easily slip into an endless catalog of disagreements.”
The leadership plans to negotiate a stimulus deal in addition to a $ 1.4 trillion government funding package for another fiscal year, linking the two issues.
But a series of open policy disputes have led to last-minute delays.
As the clock is ticking, constituencies are increasingly frustrated with the process, after leaders have indicated for days in a row that a deal is imminent, and with how little information has been publicly released on the details of such an important bill they expect to vote soon.
Asked if the leadership is getting closer to an emergency deal, Mitch McConnell, majority leader in the Senate, told reporters Friday night, “Yes, we’ve been close for a while and we still are.”
House majority leader Steny Hoyer announced on Friday that the next House vote would not take place before 1 p.m. ET on Sunday, meaning lawmakers will be backed by a deadline for government funding.
“We hope they will reach an agreement in the near future, they have not reached one yet, there are still some important issues unresolved,” Hoyer said of the current status of the talks.
The emergency relief deal, which could have a price tag of nearly $ 900 billion, is expected to include money for vaccine and school distribution, unemployment benefits of $ 300 a week, about $ 330 billion for small business loans, and another round of stimulus checks. . which could be set at about $ 600 per person under a certain income limit – half the amount awarded under the March incentive law.
Independent Senator Bernie Sanders of Vermont and GOP Senator Josh Hawley of Missouri have pushed for a $ 1,200 incentive check for individuals.
Sanders warned Friday that he would not allow an omnibus package to pass the Senate if it does not include “substantial direct payments” for individuals and families. Asked by CNN if he thinks $ 600 checks are “substantial,” he declined to say. “I said what I said,” Sanders replied.
Other unresolved issues include whether there should be further restrictions on eligibility for the one-off checks and whether and for how long the eviction moratorium should be extended, as some Republicans argue that providing rent assistance could be sufficient, but Democrats are disagree.
This story has been updated to reflect additional developments Saturday.
CNN’s Ted Barrett, Ali Zaslav and Kristin Wilson contributed to this report.