A deal on a long-awaited rescue package to deliver much-needed aid to struggling Americans suddenly was within reach after a major breakthrough Saturday night over a key sticking point: the role of the Federal Reserve to intervene in the US economy.
After days of tense negotiations over a provision pushed by Sen. Pat Toomey to pare back the role of the central bank’s emergency lending authority, Senate Minority Leader Chuck Schumer and the Pennsylvania Republican reached a deal in principle over the provision, aides said. Now, the two sides will draft the legislative language to ensure it reflects the outlines of the deal.
This is a breaking story and will be updated.
