According to the AP “top congressional lawmakers struck a late-night agreement on the last major obstacle to a COVID-19 economic relief package costing nearly $1 trillion, clearing the way for votes as early as Sunday.”
A final negotiation point and agreement was reportedly made on the topic of Federal Reserve emergency powers by GOP Senator Pat Toomey and Senate Minority Leader Democrat Chuck Schumer.
Schumer said “If things continue on this path and nothing gets in the way, we’ll be able to vote tomorrow.”
Spokesperson for Toomey, Steve Kelly said “This tentative agreement is an unqualified victory for taxpayers,. Senate Republicans achieved all four of our objectives regarding the CARES Act 13(3) Federal Reserve lending programs.
He continued “This agreement rescinds more than $429 billion 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.”
“This agreement will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes,” he added.