Congressional leaders hint at progress on Covid-19 relief bill

Congressional leaders met late Tuesday to negotiate new Covid relief aid for millions of Americans. CNBC's Ylan Mui reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

The top four congressional leaders appeared to make progress during Tuesday meetings toward funding the government and sending another round of coronavirus relief, as millions of struggling Americans await help.

House Speaker Nancy Pelosi, D-Calif., called the discussions with Senate Majority Leader Mitch McConnell, R-Ky., Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Kevin McCarthy, R-Calif., as Congress runs out of time to address both issues. Treasury Secretary Steven Mnuchin, who separately spoke to Pelosi on the phone for more than an hour Tuesday, called into the talks among the congressional leaders.

Leaving the Capitol after 10 p.m. ET, McConnell sounded more optimistic than he has in months about the prospect of lawmakers striking a bipartisan aid deal.

“We’re making significant progress and I’m optimistic that we’re going to be able to complete an understanding sometime soon,” he told reporters, according to NBC News. He did not outline specifics of a potential relief agreement.

As Schumer departed, he also said the leaders are “making progress, and hopefully we can come to an agreement soon.” Congress needs to pass a spending bill by Friday to prevent a government shutdown.

The discussions mark the most significant effort yet by the four leaders to come to a bipartisan agreement on a spending and pandemic rescue package that could get through a divided Congress. Absent congressional action, government funding will lapse Saturday and 12 million people will lose unemployment benefits the day after Christmas.

The group met for about an hour late Tuesday afternoon and reconvened at about 7:30 p.m. ET and negotiated for hours more.

Earlier Tuesday, McConnell told reporters that Congress would not leave for the holidays until it can approve an emergency relief bill. He said lawmakers will “stay here until we get a Covid package, no matter how long it takes.”

Congress has failed for months to send new assistance as the pandemic stretches the health-care system’s capacity and leaves millions of Americans scrambling to find a meal and pay their rent. The imminent expiration of financial lifelines, a weakening economy and the need for money to ensure that Covid-19 vaccines get to health-care workers and elderly Americans have forced lawmakers to once and for all seek a compromise.

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