Congressional leaders said they’re close to finalizing a $900 billion package of coronavirus economic aid, but it was unclear if lawmakers would vote on it tonight or Monday.
“I think I can speak for all sides when I say I expect and hope to have a final agreement nailed down in a matter of hours,” Senate Majority Leader Mitch McConnell said as the Senate opened a rare Sunday session.
In the House, scheduling guidance to members from Majority Leader Steny Hoyer advised votes are expected today on the deal and could take place “late into the night.”
The stimulus bill is expected to include the revival or extension of several parts of the CARES Act aid bill passed in March. Direct payments to individuals of $600, half the amount of spring payments, would be included, as well as an extension of pandemic-related jobless benefits and a revival of a federal add-on jobless payment, this time of around $300. The Paycheck Protection Program that gave forgivable loans to small businesses would also be revived.
Congress gave itself through Sunday to reach a new deal by extending the government’s funding authority for another two days late Friday. The idea is to graft the emerging fiscal stimulus package of around $900 billion onto a $1.4 trillion bill to fund government operations through 2021, resulting in a $2.3 trillion total package.
But with the stimulus portion of that package still being negotiated, and the need to get put it into legislative text and give representatives and senators time enough to review it before a vote, it’s quite possible another short-term funding extension would be needed.
“I know some people are saying we can get this done today. To me, that seems unlikely,” said Sen. John Cornyn, a Texas Republican.
“But I guess we can all hope. I hope we do this responsibly and not just quickly,” he said.
Oklahoma Republican Sen. Jim Lankford said another short-term spending bill should be readied, to give lawmakers time to look at the deal and avoid the possibility of voting on something he said nobody will have read entirely.
“I’m not a fan of that,” he said.
In contrast, Senate Democratic Leader Chuck Schumer, speaking after McConnell, said he was hopeful for a vote tonight.
“It appears that, barring a major mishap, the Senate and House will be able to vote on final legislation as early as tonight,” Schumer said.
The upbeat outlook was in stark contrast with Saturday, when a disagreement over restricting the Fed’s emergency lending powers appeared to be a major roadblock.
Sen. Pat Toomey, the Pennsylvania Republican who had pushed for the language to prohibit restarting central bank loan programs started under the March CARES Act without congressional approval, said he was satisfied with a compromise worked out with Democrats.
Schumer said the agreement on the Fed language was central to getting a bill done.
“For now, I’m happy to report we have surmounted the final largest hurdle and an ending is in sight,” he said.
President Trump tweeted encouragement to lawmakers to finish the deal early Sunday morning, even as he suggested a higher direct payment amount.
“GET IT DONE, and give them more money in direct payments,” he tweeted a little after midnight.
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