Shutdown deadline looms over COVID-19 relief talks

“Undermining that authority could mean less lending to Main Street businesses, higher unemployment and greater economic pain across the nation.”The key Fed programs at issue provided loans to small and mid-sized businesses and bought state and local government bonds, making it easier for those governments to borrow, at a time when their finances are under pressure from the pandemic.The Fed would need the support of the Treasury Department to restart the programs, which Biden’s Treasury secretary nominee, Janet Yellen, a former Fed chair, would likely provide. The central elements appeared in place: more than $300 billion in aid to businesses; a $300-per-week bonus federal jobless benefit and renewal of soon-to-expire state benefits; $600 direct payments to individuals; vaccine distribution funds and money for renters, schools, the Postal Service and people needing food aid.Lawmakers were told to expect to be in session and voting this weekend.The delays weren’t unusual for legislation of this size and importance, but lawmakers are eager to leave Washington for the holidays and are getting antsy.