Coronavirus

4:13 PM, Feb 27, 2020

Actions

Fight over Fed powers stalls $900 billion aid plan

CORP-Digital-Default-Image-1280x720-WSYM.png
Posted at 1:39 PM, Dec 20, 2020
and last updated 2020-12-20 13:39:39-05

WASHINGTON (AP) — An arcane battle over emergency Federal Reserve powers is frustrating efforts to lock down an agreement on an almost $1 trillion COVID-19 economic relief package.

House action appears unlikely this weekend.

The impasse is just the latest stumble in a partisan, monthslong battle over COVID-19 relief, and feelings hardened as the Senate congregated for a weekend session.

Lawmakers on both sides say the sticking point is a provision by Republican Sen. Pat Toomey of Pennsylvania that would curb emergency Federal Reserve powers.

Republicans are insisting on the Toomey plan, while Democrats are adamantly against it.