Trump signs two-day funding bill to avoid government shutdown

Context: This is the second continuing resolution Congress has needed to pass this month because lawmakers could not compromise. The first was passed last week.

• But congressional leaders set and blew past Friday's deadline to work out their differences, even though lawmakers have said for days they were closing in on a deal.

The big picture: Stimulus negotiations were hindered on Friday with debate over the Federal Reserve’s emergency lending powers.

• Some Republicans, including Sen. Patrick Toomey (Pa.), want to reduce the Fed’s emergency lending programs as part of a stimulus deal, while Democrats fear the GOP is attempting to reduce the Fed’s authority before the Biden administration takes over.

Lawmakers also disagree on the proposed $600 direct payments to Americans as part of the stimulus bill.

• Sens. Bernie Sanders (I-Vt.), Josh Hawley (R-Mo.) and others are in favor of bumping the amount to $1,200, while others, including Sen. Rand Paul (R-Ky.), disagree with direct payments entirely.

What to watch: House Majority Leader Steny Hoyer (D-Md.) said the chamber would not hold votes on any legislation until Sunday afternoon.