HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Lawmakers reach compromis...

Sun Dec 20, 2020, 01:53 PM

Lawmakers reach compromise (Covid Bill includes UI) over GOP proposal to rein in Fed's powers...WAP0

https://www.washingtonpost.com/us-policy/2020/12/19/stimulus-talks-race-against-government-shutddown-deadline/

By
Mike DeBonis,
Jeff Stein and
Rachel Siegel
Dec. 20, 2020 at 1:03 a.m. EST


"Senior lawmakers resolved a major standoff late Saturday night clearing the way for Congress to pass a nearly $1 trillion economic relief package, after Democratic leaders and Sen. Patrick J. Toomey (R-Pa.) struck a compromise over his proposal to rein in the lending powers of the Federal Reserve.

Toomey had created a major impasse last week by demanding new limits on the central bank’s emergency lending authority. His proposal, supported by Republican leadership, threatened the delicate negotiations over the relief package. But after hours of frenzied negotiations and meetings in the Capitol, a compromise between Toomey and Senate Minority Leader Charles E. Schumer (D-N.Y.) was brokered around 9:30 p.m., aides in both parties said.

The revised language bars the Federal Reserve from creating precise copies of the lending programs created through the $2 trillion Cares Act passed by Congress. It affirmatively shuts down as of Jan. 1 those programs, which were seeded with a $500 billion appropriation by Congress in March. As congressional negotiators have discussed for weeks, the $429 billion in unspent funds will be redirected to other programs in the new $900 billion bill."

2 replies, 676 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 2 replies Author Time Post
Reply Lawmakers reach compromise (Covid Bill includes UI) over GOP proposal to rein in Fed's powers...WAP0 (Original post)
Demsrule86 Dec 2020 OP
LizBeth Dec 2020 #1
crazylikafox Dec 2020 #2

Response to Demsrule86 (Original post)

Sun Dec 20, 2020, 02:30 PM

1. +1. Read it. Thanks.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demsrule86 (Original post)

Sun Dec 20, 2020, 02:37 PM

2. So will that $429B help fund the $900B COVID bill or is it in addition to it?

If it funds it then the fuckers just cut the net new money in half

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread