Congress is closing in on a $900 billion coronavirus relief deal and could announce it as soon as Wednesday. Top Republicans and Democrats negotiated a government funding and pandemic aid agreement into Tuesday night, and Senate leaders Mitch McConnell and Chuck Schumer said they hoped to reach an accord "soon." The government will shut down on Saturday and 12 million people will lose unemployment benefits the day after Christmas if Congress fails to act. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Congressional leaders closed in on a $900 billion coronavirus relief deal Wednesday as millions of struggling Americans wait for help. The developing aid agreement would not include liability protections for businesses or aid to state and local government, CNBC confirmed. Disagreements over those two issues have blocked lawmakers from crafting a year-end rescue package. “We made major headway toward hammering out a targeted pandemic relief package that would be able to pass both chambers with bipartisan majorities,” Senate Majority Leader Mitch McConnell, R-Ky., said on the Senate floor Wednesday after a night of talks among the top four congressional leaders. Speaking after McConnell, Senate Minority Leader Chuck Schumer, D-N.Y., said “we are close to an agreement” but noted “it’s not a done deal yet.” He added that Democrats “would like to have gone considerably further” to offer relief and will press for more aid after President-elect Joe Biden takes office on Jan. 20. The measure would contain a direct payment to Americans in some amount, as well as enhanced federal unemployment insurance, NBC News reported. In addition, Republican Sen. Steve Daines of Montana told CNBC that the deal would have roughly $300 billion in small business aid including Paycheck Protection Program loans, money for Covid-19 vaccine distribution and testing and relief for hospitals. “I’m cautiously optimistic we’re going to see this $900 billion package released today, and this will likely get passed before we go home this weekend,” Daines told CNBC’s “Squawk Box” on Wednesday morning. Congress has rushed to find consensus on legislation to fund the government and rescue a health-care system and economy buckling under the pandemic. If lawmakers fail to act, the government will shut down on Saturday, 12 million people will lose unemployment benefits the day after Christmas and millions more could face the threat of eviction. Congress finally neared an emergency relief agreement after Tuesday night negotiations among McConnell, Schumer, House Speaker Nancy Pelosi, D-Calif., and House Minority Leader Kevin McCarthy, R-Calif. Republicans and Democrats had failed for months to make progress toward a bill that could get through a divided Congress. But they appeared to move close to an deal during their talks. After the discussions, McConnell and Schumer said they hoped to have an agreement “soon.” Congress faces a challenge in trying to write sweeping legislation and approve it before Friday. McConnell told Republicans they should prepare to work through the weekend, according to NBC. Politico first reported that congressional leaders were near a $900 billion deal. Parts of the bill appear to reflect a bipartisan plan released by rank-and-file lawmakers this week. However, that proposal did not include any direct payments. The measure being developed by congressional leaders will contain stimulus checks to individuals which could come out to about $600 per person, according to NBC. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV