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German Chancellor Angela Merkel and leader of the Social Democrats Martin Schulz. Photo: Sean Gallup / Getty Images

German Chancellor Angela Merkel and her Christian Democratic Union reached a breakthrough in their “grand coalition” talks with the Social Democrats, per the BBC. Immigration was the biggest issue — as it was during September’s federal election — in the 28-page preliminary coalition document, with the parties agreeing on a plan to cap asylum seekers entering Germany at 200,000 per year.

Why it matters: Merkel needs to finalize a coalition to form a government in order to stave off another election and maintain her position as Germany’s leader. Now, it’s up to the Social Democrats and their members to approve the outlined coalition deal via their party conference and a vote by mail.

Go deeper

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.