Congress struggles to seal Covid-19 relief aid over disagreement on Fed's lending powers

CNBC's Ylan Mui reports on what last minute issues are arising as Covid-19 relief talks in Congress struggle to reach an agreement on aid. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Congress had only hours to prevent a government shutdown Friday as lawmakers tried to put the finishing touches on a massive coronavirus rescue package.

Leaders on Capitol Hill have said for days they are close to a deal on a $900 billion relief proposal that would accompany a $1.4 trillion spending bill. However, some new disputes have prevented Washington from sending fresh aid to struggling Americans for the first time in nearly nine months.

Congress has little time left to act. Funding will lapse at 12:01 a.m. ET on Saturday.

“The talks remain productive,” Senate Majority Leader Mitch McConnell, R-Ky., said Friday morning. “In fact, I am even more optimistic now than I was last night that a bipartisan, bicameral framework for a major rescue package is very close at hand.”

Lawmakers may move to pass another short-term funding measure to keep the government running while they go through the process of writing a relief package and pushing it through both chambers of Congress. Even that strategy may not prevent a shutdown. Any one senator could delay swift passage of a temporary spending measure known as a continuing resolution.

Congressional leaders have pledged to work through the weekend and pass a bill before they head home for the holidays. The health and livelihoods of millions of Americans depend on Congress sending out more aid before the end of the year.

McConnell said “the Senate will be right here until an agreement is passed, whenever that may be.”

As health-care workers start to receive Covid-19 vaccinations during a crushing wave of infections across the country, continued distribution of shots will require federal funding. The outbreak has killed more than 310,000 people nationwide as the U.S. struggles to contain its spread.

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