Congressional leadership reached a deal on a second COVID relief package on Sunday, after months of failed negotiations. Party leaders finalized a $900 billion stimulus package that includes funding for direct checks, the Paycheck Protection Program (PPP), unemployment benefits, coronavirus vaccine development and testing, child care, and eviction bans, among other provisions, Politico reported.
During tense negotiations with Democratic leadership, Senate Republicans held firm on a priority put forth by Pennsylvania Senator Pat Toomey (R-PA), that would end the Federal Reserve’s lending programs on December 31, and mandate congressional approval to renew the spending measures. The final deal includes compromised language that slims down the Fed’s lending power. Toomey called the provision a “win for taxpayers and an independent Fed.”
Win for taxpayers and for an independent Fed. Repurposes $429 billion in unused CARES Act funds to help pay for the new relief. Closes CARES Act lending facilities, blocks restart/copycats- stops Dems from using the Fed to circumvent Congress for policies they can't get enacted. https://t.co/a6VXulLrQK— Senator Pat Toomey (@SenToomey) December 20, 2020
Democrats are mad because they want to use the Fed as a slush fund.— Tom Cotton (@SenTomCotton) December 18, 2020
They’re blocking aid to small businesses and the unemployed for this new demand.
Just like Nancy Pelosi who blocked aid for months to hurt President Trump, Senate Democrats are playing politics.
The House and Senate are expected to pass the bipartisan, bicameral package on Monday. Senate Majority Leader Mitch McConnell (R-KY) told Americans that “more help is on the way” ahead of the holiday season.