US lawmakers came close to a deal on a 900 900bn economic relief package ahead of the funding deadline on Sunday night, after a late-night compromise on Republican demands. Federal ReserveCrisis powers.
The deal would be the second-largest economic relief package in U.S. history, with a ਸਿਰਫ 2.2tn Care Act passed in March at the start of the coronavirus epidemic in the United States.
Members of Congress set themselves a deadline for the weekend to continue funding the federal government and to boost the deal to provide much-needed impetus to the US economy affected by the Kovid-19 epidemic.
But a Stop-gap measurement The deadline was extended Sunday night after talks stalled on Pennsylvania’s Republican senator Pat Tommy’s proposals. Mr Tommy sought to introduce legislation that would prevent the Fed from reviving emergency credit facilities by the end of the year.
Democrats thwarted the effort, accusing Republicans of trying to “tie the hands” of Joey Biden at the White House at the last minute, and several days of heated debate between the two sides.
But an agreement on the Fed issue was reached just before midnight on Saturday, with Democrats saying a “significant rapprochement” on economic stimulus was approaching.
Tommy’s communications director, Steve Kelly, said the “working agreement”, which would end coronavirus-related lending by the end of the year and prevent them from re-approving or repeating without congressional approval, It was an inconvenient victory for the taxpayers. ” .
“This agreement will protect the Fed’s independence and prevent Democrats from hijacking these programs for political and social policy purposes,” he said.
Tommy’s initial proposals sparked outrage among Democrats and a rare rebuke from former Fed Chair Ben Bernanke earlier on Saturday.
“I strongly support the passage of new assistance for families and businesses affected by the effects of the epidemic,” Bernanke said in a statement.
“However, it is also important that the Federal Reserve’s ability to respond quickly to detrimental disruptions in the credit markets is not fulfilled.
“The Relief Act should at least ensure that the Federal Reserve’s emergency lending officers, as they stood before the passage of the Care Act, remain fully available to respond to future crises.
Mr Biden will be inaugurated as the 46th president on January 20, and while Democrats will control the House of Representatives, it is unclear whether Republicans will elect a Senate. The control of the upper house of Congress will be decided by two Senate run-offs on January 5 in Georgia.
