“Other forms of aid are on the way. A few moments ago, the four leaders of the Senate and the House of Representatives reached an agreement in consultation with our committees. That would be another big bailout for the American people,” McConnell said. “As our citizens continue to fight this coronavirus pandemic this holiday season, they will not fight alone.” “A few moments ago, the four leaders of the Senate and the House of Representatives reached an agreement. This will be another great bailout for the American people,” Senate Majority Leader Mitch McConnell, R-Ky, announced Sunday afternoon in the Senate. There were unexpected spending in the deal, including $1.4 billion in new funding for Trump`s border wall with Mexico and new border security technology, said Republican House Whip Steve Scalise (R-La.). The deal ends months of squabbles between Republicans and Democrats over the nature and size of legislation designed to help the country overcome a pandemic that has killed more than 317,000 Americans, infected millions and shut down dozens of businesses. “I`m encouraged to see members of Congress heed this message, reach out across the aisle, and work together,” Biden said in a statement. “But this action in the Duck Blade session is just the beginning. Our work is far from over. At the heart of the breakthrough was a mutual agreement to abandon critical priorities approved by one party and hated by the other: a Democratic push to establish a direct flow of money for narrow state and local governments, and a Republican call for full accountability protection for businesses, hospitals, and other institutions that were open during the pandemic. Lawmakers also appeared to settle a fierce dispute over whether businesses that have received and received PPP loans should be allowed to deduct the costs covered by those loans on their federal tax returns.
These costs would be deductible under a definitive agreement as long as a PPP beneficiary can demonstrate a loss of revenue in 2020 compared to previous years, according to a lawmaker who was informed of the agreement. Although the text was not immediately available, the deal was to grant $600 in stimulus payments to millions of U.S. adults earning up to $75,000. It would restore the additional federal unemployment benefits lost to $300 per week for 11 weeks – both at half the amount provided for in the original Recovery Act. The bill does not provide direct assistance to state and local governments, a Democratic priority, or liability protection to protect businesses from the coronavirus lawsuits that Republicans had championed. An additional deferral of federal student loan payments is also not included in the deal, Politico`s Michael Stratford reports. Steve Kelly, a spokesman for Toomey, said the deal was a “clear victory for taxpayers.” Hill leaders announced Sunday night that they had reached an agreement after months of bitter partisan deadlock and days of contentious negotiations that created uncertainty about whether a deal can be reached or whether talks would fail. Congressional leaders on Sunday reached an agreement on a $900 billion COVID-19 relief package that includes $600 in direct payments to Americans and $300 in unemployment increases for the next 10 weeks. The final bill bypasses some sticking points: controversial provisions (including state and local aid, and corporate liability protection) have been removed, and a last-minute disagreement over the Federal Reserve`s emergency credit agencies — a disagreement that appeared to be able to completely derail the negotiations — was also resolved. Lawmakers Reach Compromise on GOP Proposal to Cut Fed Powers and Pave the Way for Stimulus Washington —- Congressional leaders on Sunday reached a bitterly negotiated deal on a $900 billion stimulus package that would provide emergency assistance to Americans and businesses to help them cope with the economic devastation of the pandemic and finance the distribution of vaccines. The deal is also expected to provide billions of dollars for vaccine testing, tracing and distribution, as well as $82 billion for colleges and schools, $13 billion for increased food aid, $7 billion for broadband access and $25 billion for rent assistance.
The agreement is also expected to extend a moratorium on evictions that expires at the end of the year. Without congressional action, up to 12 million Americans would lose access to expanded and expanded unemployment benefits that expire after Christmas. A number of other key aid provisions, including a moratorium on evictions, were due to expire on 31 December. But late Saturday night, Toomey and leading Democrats reached an agreement to break the deadlock, according to advisers from both parties. A senior Democratic adviser said Toomey had “agreed to drop some of his demands” and that negotiators would finalize the “compromise language.” As a result, the consultant added, “a final agreement on an emergency relief plan is much closer.” It may take some time for congressional staff to incorporate these agreements into a bill and prepare the huge bill for votes in the House and Senate. Lawmakers had also yet to release a text of the deal between leading Democrats and Sen. Patrick J. Toomey (R-Pa.) on the central bank, which was a sticking point saturday. Doug Andres, a spokesman for Senate Majority Leader Mitch McConnell (R-Ky.), confirmed that a deal had been reached, adding that Democrats had accepted “a version” of Toomey`s language.
After eight months of back and forth, Democratic and Republican leaders have agreed on a plan worth about $900 billion. The House of Representatives will vote on the bill on Monday, according to House Majority Leader Steny Hoyer. Republican and Democratic senators on Saturday settled a dispute over the Federal Reserve`s emergency lending powers, according to congressional advisers — a significant breakthrough after a series of weekend negotiations over a broader coronavirus aid package. Lawmakers worked throughout the weekend to reach an agreement on state funding measures and the aid law ahead of the Christmas holidays, with several key programs set to expire by the end of the year. The proposal, which would prevent the central bank from reviving emergency credit efforts that would expire at the end of the year and potentially limit its ability to fight future financial crises, turned out on Friday to be perhaps the most sensitive point of contention that is delaying the stimulus package. This could take away some of the Fed`s power as a “lender of last resort” and reduce Biden`s room for maneuver to deal with the current economic consequences of the pandemic. While Mr. Trump`s signature will be on the law, its impact will be much greater for President-elect Joseph R. Biden Jr., who must keep the economic recovery faltering.
M. Biden, who has quietly lobbied for lawmakers to reach a compromise that would provide at least modest aid after months of congressional inaction, is expected to seek another major economic aid package after he takes office in January. If and when a deal is reached, the House and Senate leaders must act quickly – with virtually no room for dissent within their parties – to get through the massive package before government funding expires at midnight on Sunday. Millions of people rely on Vox journalism to understand the coronavirus crisis. We believe that it pays off for all of us, as a society and a democracy, that our neighbours and fellow citizens can access clear and concise information about the pandemic. But our distinctive explanatory journalism is expensive. The support of our readers helps us keep it free for everyone. If you have already made a financial contribution to Vox, thank you.
If not, please consider making a contribution of only $3 today. Senators from both parties are not satisfied with the process by which the four main leaders of Congress reach an agreement and ask employees of the relevant congressional committees to iron out the legislative language with the executives. While the stimulus package omits much, it is expected to provide much-needed assistance on several different fronts. Lawmakers have yet to publish the final text of the law, so far we know: “I hope that if they can announce an agreement today, it can be written and voted on – the best scenario would be tomorrow. But more likely, probably on Monday,” said Senate Majority Leader John Thune (R-S.D.). Washington — Congressional leaders said Sunday they have reached an agreement on a nearly $900 billion Covid-19 relief package that includes individual checks, small business loans and benefits for unemployed people struggling with the consequences of the COVID-19 pandemic, ending months of deadlock in negotiations. Adults should not be eligible for stimulus payments, people familiar with the negotiations said, despite a surge by Democrats in Congress. The agreement would include incentive payments for families where one parent is not a citizen, but not for undocumented immigrants themselves. “Once this agreement goes into effect, it won`t be the last word on alleviating Congress,” said Sen. Chuck Schumer of New York, the Democratic leader who called the deal a “down payment.” The agreement will also extend by one month a moratorium on evictions that is due to expire at the end of the year, two people with knowledge of the matter said. .