Congressional lawmakers say they’ve cleared a major obstacle in their path to passing a $900 billion COVID relief package, with votes expected as soon as Sunday.
The latest standoff holding up a package both parties say is crucial for the American people centered on a GOP-backed provision led by Pennsylvania Sen. Pat Toomey that would curb the ability of the Federal Reserve to provide certain emergency loans.
Democrats had pushed back on Toomey, arguing that his provision would also prevent future treasury secretaries from restarting the lending programs.
But legislators say they reached a compromise on the issue late Saturday.
According to a senior Democratic aide, “compromise language” was being finalized late Saturday evening after hours of talks between Toomey and Senate Minority Leader Chuck Schumer, D-N.Y.
The aide added: “A final agreement on an emergency relief package is significantly closer.”
Toomey’s office said in a statement Sunday morning that the “tentative agreement is an unqualified victory for taxpayers,” adding that the deal “will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes.”