Update (1030ET): Congress is 'close' on a coronavirus deal, which is expected to remain below the $1 trillion upper boundary set by Senate Majority Leader Mitch McConnell (R-KY) and GOP leadership earlier this year, according to The Hill.

The new package will include a new round of stimulus checks, "although at an amount lower than the checks of up to $1,200 per adult and $500 per child included in the CARES act," according to The Hill's Scott Wong, who adds that it will "leave out $160B in funding for state and local governments, which was originally included in a $908 billion compromise proposal that Democratic leaders endorsed in early December, as well as liability protection for businesses, a top priority of GOP leadership."

GOP Sen. Thune says the stimulus checks may be '$600 to $700.'

According to Senate Democratic leader Chuck Schumer (NY), the "finish line is in sight," while McConnell says lawmakers have made "major headway." Lots of words but it sounds like we're nearly there.

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Looks like Goldman was right this time: one day after the bank's chief political economist Alec Phillips flipped his stimulus position again, and said yesterday that think "it is more likely than not that Congress will pass this week a package similar to the recent $748bn bipartisan proposal, which would be close to our standing assumption of a $700bn (3.3% of GDP) package" moments ago Politico's Jake Sherman confirmed what was already widely expected when he tweeted that negotiators "are on the brink of a $900bn coronavirus rescue package that would include a new round of direct payments, but would leave out state and local aid, and a liability shield."

More importantly, he added that "a deal could come as early as early this morning."