Congress scrambles to finalize Covid-19 relief and avoid government shutdown

Lawmakers in Washington are trying to finalize the details of a new round of Covid stimulus, but sticking points remain. CNBC's Ylan Mui reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Congress tried to put the finishing touches on a coronavirus relief deal Thursday as Washington drew closer to letting the government shut down and allowing millions to lose unemployment benefits.

Leaders on Capitol Hill say they have come close to an agreement on sending $900 billion in aid to Americans. Lawmakers have run short on time to pass a government funding and pandemic rescue package before federal funding lapses at 12:01 a.m. ET on Saturday.

Speaking on the Senate floor Thursday, Senate Majority Leader Mitch McConnell, R-Ky., said a “bipartisan, bicameral agreement appears to be close at hand.” He noted it was “highly likely” Congress would work through the weekend, and said lawmakers may have to pass a short-term funding measure to buy enough time to approve legislation.

House Speaker Nancy Pelosi, D-Calif., also said Democrats were moving closer to a consensus Thursday. She told reporters that “we made some progress this morning” and “are waiting to hear back.”

Pelosi and Senate Minority Leader Chuck Schumer, D-N.Y., held a series of talks with Treasury Secretary Steven Mnuchin into Wednesday night as the sides try to hammer out final details, according Pelosi spokesman Drew Hammill. He said they would speak again Thursday morning.

“All three emphasized the urgency to reaching an immediate agreement,” he wrote in a tweet.

If and when Congress approves another rescue package, it would come too late for too many Americans. Thousands of people die from Covid-19 every week as the U.S. death toll climbs above 300,000. The virus has overwhelmed hospitals and health-care workers, and states require money to distribute desperately needed vaccines.

At the same time, more cracks have emerged in an already fragile economy. Initial jobless claims rose to 885,000 last week, the highest total since September, according to new data released Thursday. Millions of Americans have fallen behind on rent or gone to food banks for meals with public health restrictions in place for the foreseeable future.

If pandemic-era provisions to expand unemployment eligibility expire the day after Christmas, 12 million people will lose benefits. Others across the country will face eviction if a federal moratorium expires at the end of the year.

Congress, for the moment, appears poised to beat those deadlines. But even if lawmakers can strike a deal Thursday, they have to write legislation and get it through both chambers of Congress and across President Donald Trump’s desk — a process that can take days when Washington moves as quickly as possible.

“I think we’ll finish up on Saturday,” GOP Sen. Rob Portman of Ohio told CNBC on Thursday.

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