Coronavirus Stimulus Deal Hits Snag Over Fed Lending Powers

WASHINGTON, DC — Talks to finalize a new $900 billion coronavirus relief package hit a major roadblock Saturday after a last-minute push by Republican Sen. Pat Toomey from Pennsylvania put both sides of the aisle at odds once again.

Toomey's demand, which had previously divided lawmakers in the days leading up to Saturday, calls for limiting the authority of the Federal Reserve to restart emergency lending programs for localities and small businesses, the Washington Post reported.

In an interview with CNN on Saturday, Sen. Chris Coons of Delaware said Toomey's demand stems from a "somewhat obscure provision" of a 1932 Great Depression-era law, adding it will be "difficult" to get Toomey to back down from his demand.

During the interview, Coons said there are no other issues to resolve in the bill.

Senate Majority Leader Mitch McConnell reportedly told Senate Republicans on a private call Saturday afternoon that the party should stick by Toomey’s plan.

Democrats, however, are calling Toomey's proposal a glaring political attempt to limit the economic tools available to the Biden administration.

Another report by CNN said Senate Majority Whip John Thune warned on Saturday that efforts to finalize the relief package could spill over into Monday.

The delay in potential relief comes as the coronavirus pandemic delivers its most vicious surge yet, killing more than 3,000 victims per day and straining the U.S. health care system. While vaccines are on the way, most people won't get them for months.

If passed, the relief package will provide more than $300 billion in aid to businesses and provide the jobless a $300-per-week bonus federal unemployment benefit and renewal of state benefits that would otherwise expire right after Christmas. It also includes $600 direct payments to individuals; vaccine distribution funds and money for renters, schools, the Postal Service and people needing food aid.

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