Republican and Democratic lawmakers reached an agreement over the relief bill after they resolved the dispute over the Federal Reserve's lending facilities. 

(Photo : Sarah Silbiger/Getty Images)

Lawmakers from both parties have finally reached an agreement on a relief bill and omnibus spending package. They are expected to vote as early as Sunday

This is after Pres. Donald Trump signed a stopgap bill on Friday giving both House to sort out everything within 48 hours. 

Read also: Trump Wants $2,000 Stimulus Checks, Lawmakers To Work Through Weekend To Finalize Details

Lawmakers Reached an Agreement

Relief bill that includes stimulus checks and other important measure has been stalled for weeks due to disagreements on some language of the bill.

Despite this, both Republican and Democratic lawmakers have finally reached the deal as early as Saturday. 

According to The Hill, Democratic Senate Minority Leader Charles Schumer and Republican Sen. Pat Toomey reached an agreement late Saturday night on language to curtail the Federal Reserve's special lending authorities. 

The agreement makes it possible for the two parties to pass the relief bill and omnibus spending package as early as Sunday.

The report said that at around 9:00 p.m. on Saturday, Republicans sent word to Schumer that they would accept language resolving the dispute over the Federal Reserve's lending facilities.

The compromise agreement will now include $429 billion in unspent CARES Act funding for the Federal Reserve's credit lending facilities and repurpose it as an offset for a new $900 billion coronavirus relief bill.

This means that this will now include between $600 to $700 stimulus checks. 

Read also: Senate Assures to Deliver Relief Aid Before Leaving the House 

Other Important Things You Should Know About the Agreement 

Negotiators of the relief bill agreed to specific language instead of merely an agreement in principle.

A senior Democratic aide said that Sen. Toomey "has agreed to drop the broad language in his proposal that would have prevented the Fed Chair from establishing similar facilities in the future to the ones created in March."

"Compromise language is being finalized and, now that this obstacle has been cleared, a final agreement on an emergency relief package is significantly closer," he added.

Both the Republican and Democratic lawmakers are hours away to approve the new relief bill. 

Meanwhile, Democratic Sen. Schumer also predicted that both the House of Senate and Congress will vote on the package. That includes a $900 billion coronavirus relief bill and a $1.4 trillion omnibus spending bill on Sunday.

This is as they approach the final hours that Pres. Trump allowed them to work for the relief bill and other measures. 

There is a need for both House to vote on Sunday so that they will avoid the need for both chambers for another short-term funding extension to avoid a government shutdown.

Schumer is optimistic that both chambers will approve what they have agreed.

"If things continue on this path and nothing gets in the way, we'll be able to vote tomorrow. House and Senate," he added.

After months of failed stimulus negotiations and more than a week of relief bill disagreement, both parties have finally found their common ground to reach an agreement.