US senators edged closer to a $900 billion COVID-19 aid package agreement on the Federal Reserve’s pandemic lending powers late Saturday, ahead of the Sunday night deadline. The agreement was confirmed by the Senate Democratic Leader Chuck Schumer who stated: “If things continue on this path and nothing gets in the way, we’ll be able to vote tomorrow.”
The deal could be the second-largest economic relief package in US history, just behind Cares Act which was passed in March when coronavirus took over the world. The talks were held earlier this week but soon took a big bump. When Pat Toomey, a Republican senator from Pennsylvania pointed had insisted on language in legislation which would prevent the Federal Reserve Bank to not revive emergency lending programs for small businesses and state and local governments after December 31.
Democrats in return accused Republicans of trying to tie Fed’s hands and preventing new President Joe Biden from boosting the economy as he takes the office from January 20.
According to the Reuters report, the top executive stated that senator Toomey has agreed to drop the broad language in his proposal that would have prevented the Fed chair from establishing similar facilities in the future. The deal would aid millions of families and businesses suffering from the effects of the pandemic.