Congressional Rescue Talks Continue Amid Crisis; Fed Reserve Announces Plan for Business & Gov’t

WASHINGTON (AP/NBC News) – The latest economic rescue package being negotiated in Washington is now nearly $2 trillion. But the Senate has yet to agree on the parameters of the package, voting against advancing the measure to a full vote.

Talks wrapped up late at night on Capitol Hill with the goal a new vote on Monday. Democrats say the draft package is insufficient in the face of economic havoc from the coronavirus, arguing that it is tilted toward corporations and does too little to help workers and health care providers.

“Democrats are not comfortable with worker protections in the bill, and say the rules on corporate bailouts are too lax.

Mitch McConnell said. “And I want everybody to fully understand if we aren’t able to act (Monday), it’ll be because of our colleagues on the other side continuing to dicker when the country expects us to come together and address this problem.”  

Schumer, D-N.Y., said, “Early this morning Leader McConnell presented to us a highly partisan bill written exclusively by Republicans, And he said he would call a vote to proceed to it today. So who is being partisan? he knows darn well for this bill to pass it needs both Democratic and Republican support.”

President Donald Trump weighed in earlier in the day, saying “it’s not very complicated” and that workers must be helped and companies saved.

Meantime, the Federal Reserve announced this morning that will to lend up to $300B to large and small business and local governments.

WASHINGTON (AP) – In a series of sweeping steps, the Fed will lend to small and large businesses and local governments as well as extend its bond buying programs. It’s all part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged by the viral outbreak.

The Fed said Monday that it will set up three new lending facilities that will provide up to $300 billion by purchasing corporate bonds, buying a wider range of municipal bonds, and purchasing asset-backed securities.

It also says it will buy an unlimited amount of Treasury bonds and mortgage-backed securities in an effort hold down interest rates and ensure those markets function smoothly.