On Sunday, lawmakers' dispute over Federal Reserve pandemic lending officials is now on the hands of US Congress after senators struck a late-night compromise to clear one of the final hurdles. US Congress looked composed to vote on a $900bn coronavirus relief package.
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On late Saturday night, at the US Capitol, Senate Democratic Leader Chuck Schumer told correspondents: "If things continue on this path and nothing gets in the way, we'll be able to vote tomorrow." He was referring to the coronavirus relief package.
The coronavirus relief package consists of $600 direct payments to citizens and a $300 per week unemployment compensation supplement. Congressional leaders plan to include the coronavirus relief package in the $1.4-trillion spending bill funding government programs through September 2021.
On Sunday, the 48-hour funding extension will expire at midnight. After that, the government will shut down, and leaders with no action.
Pennsylvania Republican Senator Pat Toomey had been verbally insisting and guaranteed that when the emergency lending programs for small companies and state and local government expires after December 31, the Americas' central bank cannot renew them under the CARES Act COVID-19 relief package legislation passed in March.
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The federal leaders and parties are currently throwing stones at each other on the possible results if the COVID-19 relief package legislation will be extended until 2021, which leads to another dispute against each other.
Steve Kelly, Senator Toomeys' spokesperson said about the senator's agreement with Schumer "rescinds more than $429bn in unused CARES Act funds; definitively ends the CARES Act lending facilities by December 31, 2020; stops these facilities from being restarted, and forbids them from being duplicated without congressional approval."
Toomey had agreed to "drop the broad language in his proposal that would have prevented the Fed chair from establishing similar facilities in the future," according to a senior Democratic aide said.
Further, the aide said the compromise language was being completed, and a final agreement on the COVID-19 package relief "is significantly closer."
With a call from Republican leader, Senator Mitch McConnell had adjourned a rare Saturday Senate session to avoid possible last-minute disagreements that could also delay the new funding for Americans and small entrepreneurs.
On the Senate floor, McConnell said, "The American people cannot feed their families with, or pay their bills with, Congress's good-faith discussions. They need us to act." He also added that "We need to conclude our talks, draft legislation and land this plan."
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Mr. Doug Andres, McConnell spokesperson, stated, "Now that Democrats have agreed to a version of Senator Toomey's important language, we can begin closing out the rest of the package to deliver much-needed relief to families, workers, and businesses," after news of a compromise on the Fed issue was released.
COVID-19 has killed 311,000 Americans in the 11 months since the first cases of the new coronavirus were documented in the US. By far, it is the most in the world and put millions jobless, and businesses closed, citizens in debt and unemployment rising.
"Growth will likely remain sluggish until vaccines are widely available in mid-2021," Economists say.
Democratic House of Representatives Speaker Nancy Pelosi said to the members of her party, "We're right within reach," on a call deliberating the negotiations on Saturday, according to a person who was on the call.
