“Congress is not going to be the Grinch,” a senior Democratic senator said on Sunday, as lawmakers stood poised to vote on a $900bn coronavirus aid package made possible by a late-night compromise on one of the final hurdles, a dispute over Federal Reserve pandemic lending authorities.
The package will be tied to a funding bill to avert a government shutdown.
Speaking to reporters the day after reaching the compromise with Senate Republicans, Democratic leader Chuck Schumer said: “Barring a major mishap, the Senate and House will be able to vote on final legislation as early as tonight.”
Republican senator Mitt Romney told CNN’s State of the Union: “I believe there is going to be a deal. There are always sticking points, but the big one was resolved last night … They’re working out some additional points but I think it’s going to get done. It’ll get done before Christmas.”
Mark Warner, a Virginia Democrat, referred to a popular Dr Seuss character who “stole” Christmas when he told ABC’s This Week: “The great news is, Congress is not going to be the Grinch. We’re going to get this package done.”
The coronavirus aid deal includes $600 direct payments to individuals and a $300 per week unemployment compensation supplement. The second-largest economic stimulus in US history, following the $2.3tn Cares Act passed in March, it will be tied to a $1.4tn spending bill that funds government programs through September 2021.
The House was due to meet at noon on Sunday in order to take up the bill.
“I do have optimism that it’ll pass,” House Republican leader Kevin McCarthy told Fox Business. “I am very hopeful that we get this done today.”
Speaker Nancy Pelosi, the chamber’s top Democrat, told reporters she wanted to give members some time to review the package before calling a vote.
“I think we’re close, we’re very close,” Pelosi said. “But we want to have members have enough time to review it all.”
Donald Trump, whose administration has largely left negotiations to congressional leaders, used Twitter to complain.
“Why isn’t Congress giving our people a Stimulus Bill? [The pandemic] wasn’t their fault, it was the fault of China,” Trump wrote. “GET IT DONE, and give them more money in direct payments.”
Senator Pat Toomey, a Pennsylvania Republican, had insisted on language that would guarantee that the Fed could not revive emergency lending programs for small businesses and state and local governments after 31 December, when they expire under Cares Act relief legislation passed in March.
Republicans said the programs represented unnecessary government interference and politicized the Fed. They accused Democrats of seeking to extend them as a way to provide unchecked funds for state and local governments controlled by their party. Democrats accused the Republicans of trying to limit President-elect Joe Biden’s options for boosting the economy after he takes office on 20 January.
Toomey spokesman Steve Kelly said the senator’s agreement with Schumer “rescinds more than $429bn in unused Cares Act funds; definitively ends the Cares Act lending facilities by 31 December 2020; stops these facilities from being restarted; and forbids them from being duplicated without congressional approval.”
A senior Democratic aide said 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”.
The Senate adjourned a rare Saturday session with a call from Republican leader Mitch McConnell to avoid last-minute disagreements.
On Sunday, San Francisco Federal Reserve president Mary Daly told CBS’ Face the Nation the package would provide much-needed relief for the economy.
“This support is unequivocally beneficial,” Daly said.
In the 11 months since the first coronavirus cases were documented in the US, Covid-19 has killed around 316,000, by far the most in the world, and put millions out of work. Economists say growth will likely remain sluggish until vaccines are widely available in mid- or late 2021.
On Sunday, Warner told ABC: “I was with Senator Schumer last night in his office until about 11pm. I was glad to see that Senator Toomey accepted Senator Schumer’s offer on a compromise … We did not think tying the hands of a future Fed or treasury made any sense.
“…I’m very proud that in many ways this package only came about because a bipartisan group of senators spent a month working hard, showing the American people that we can actually do things when we have such an amazing need.
“So folks who are going to run out of unemployment the day after Christmas, or potentially get kicked out of their apartment, or those long lines at the food banks: help is on the way.”
Source: US Politics - theguardian.com
