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Fight over Fed powers stalls $900 billion aid plan

Posted at 12:03 AM, Dec 20, 2020
and last updated 2020-12-20 00:03:05-05

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.