Stimulus Compromise Doesn t Resolve Fed Emergency Powers Debate | AM 740 KVOR kvor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kvor.com Daily Mail and Mail on Sunday newspapers.
Leaders hope to attach the COVID-19 relief package to a $1.4 trillion year-end spending bill and bring to an end the 2020 legislative session in time for lawmakers to return home for Christmas.
The major issues that bogged down talks over a new COVID-19 relief package for much of this year, such as whether to provide large amounts of money to state and local governments and how much to spend on federal supplemental unemployment insurance, are resolved.
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The potential deal is now stuck on a disagreement between Republicans and Democrats over the special lending powers granted to the Federal Reserve in the CARES Act, which Congress passed in March.
Vote On $900BN Stimulus Package Imminent After Senators Reach Deal On Fed Powers zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Two weeks ago, I don’t think anybody would have guessed that one of the last major conflicts holding up a deal over coronavirus aid would have somehow centered on a handful of emergency lending programs that have barely been used since the Federal Reserve christened them this year. Yet here weare.
Republicans, led by Sen. Pat Toomey of Pennsylvania, have launched a last-minute bid to permanently shut down some of the credit facilities that the central bank launched this spring in response to the pandemic specifically, ones that allowed it to buy corporate bonds, and lend to state and local governments as well as midsized companies. Democrats including President-elect Joe Biden’s team have cried foul, accusing the GOP of attempting to sabotage the incoming administration with a rash demand that would permanently change the Fed’s crisis-response powers.