1) The Hitchhiker’s Guide to a Possible COVID Deal Today.
Lawmakers and aides toiled deep into the night in hopes of securing a coronavirus package. A deal appears to be at hand. The sides are scrambling to finalize bill text.

2) The holdup was a push by Sen. Pat Toomey (R-PA) to curb the Fed’s emergen y lending powers at the end of the year. Democrats argued that the Fed needed such agility - especially during a pandemic.

3) Democrats asserted Toomey’s move was a backdoor way to hamstring the incoming Biden Administration.

Democratic sources tell Fox the Fed was concerned it may not have the special lending capacity necessary to respond during a shaky economy.

4) The Fed has not commented publicly on Congressional action.

But last month the Fed said it “would prefer that the full suite of emergency facilities” be available to help

5) Toomey’s office said overnight that the deal keeps the Fed from restarting the programs. But “will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes.”

So what’s next?

6) It’s possible the House and Senate could vote today. It may be a question of just how fast the House and Senate can finalize language.

7) Keep in mind that the plan is to load the $900 billion coronavirus onto a $1.4 trillion omnibus spending plan to fund the government through September 30, 2021. Thus, the ENTIRE bill - both parts - is a staggering $2.3 trillion.

8) Direct payments appear set at $600-700 to many Americans. Those off the job will get $300 in extra unemployment aid

Some Republicans and many Democrats are pushing for up to $1,200 in direct payment checks.

9) And, some conservatives are balking at glomming everything together in a massive, take-it-or-leave-it catch-all bill at the end of the year.

spending bill of a couple of days to avert a government shutdown.

10) This is what they call “logrolling” on Capitol Hill. The legislative logs are rolling down the hillside. And if you’re not on board with the bill, get out of the way.

Lawmakers still have to get bill text finished.

11) The House Rules Committee could meet this afternoon or midday. That panel is the gateway for most legislation en route to the House floor. The Rules Committee establishes the terms of debate when they bring the measure to the floor.

12) You have to go to the Rules Committee before putting the bill on the floor.

If things are moving fast (we’ll see about that), it’s possible the House could debate and vote on the bill by late this afternoon and the Senate could follow suit. But unclear.

13) Also, even if the House moves expeditiously, it’s possible the Senate could take a day or two to process this. Senate rules allow individual senators to stretch out the process.

14) So, it’s not out of the question that the Senate doesn’t vote until Monday or Tuesday. But I wouldn’t rule out action in the Senate tonight or overnight.

But...

15) When the Senate can move with startling speed when it wants to. Do not be surprised if that scenario presents itself as well.  

And..don’t forget, the government is only funded through 11:59:59 pm et tonight.

16) If they hit a hiccup or need more time to advance this plan through both the House and Senate, they may need another short-term spending bill of a couple of days to avert a government shutdown tonight.