A bipartisan group of senators is set to unveil a $908 billion stimulus proposal, according to people familiar with the plan, in an effort to break a monthslong impasse that’s now threatening to tip the economy back into contraction.

Neither Republican nor Democratic leadership has signed on to the plan, however, leaving it facing the same long odds that a failed bipartisan House proposal faced before Election Day. President-elect Joe Biden has so far backed House Speaker Nancy Pelosi, who has pushed a $2.4 trillion bill.

Under the new proposed compromise, businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans, and state and local governments would get $240 billion, including money for schools, according to two people familiar with the proposal.

Another $180 billion would go to an extension of pandemic unemployment benefits, providing an additional $300-a-week for four months.

The package would include a temporary moratorium on liability lawsuits related to Covid-19 -- something that’s been pressed by Senate Majority Leader Mitch McConnell and opposed by Democratic leaders -- to give states time to enact their own laws if they choose.

While U.S. stocks have shrugged off prospects of a year-end fiscal cliff, with investors encouraged by the prospect of coronavirus vaccines, economists have increasingly warned that the economy is in danger of a renewed contraction in the first quarter of 2021.

Pandemic-related unemployment benefits are set to expire at year-end, while many businesses are getting squeezed by lockdowns as Covid-19 cases surge. Retail sales gains have weakened, and jobless claims remain stubbornly higher than the peak hit during the 2007-09 recession.

Backers of the new plan include Republican Senators Susan Collins, Lisa Murkowski, Mitt Romney and Bill Cassidy along with Democratic Senators Joe Manchin, Mark Warner, Jeanne Shaheen and independent Angus King. Members of the bipartisan House Problem Solvers Caucus, which put forward the unsuccessful compromise during the fall, also plan to endorse the new attempt.

Pelosi previously rejected a $1.5 billion proposal from the Problem Solvers prior to the election, before Democrats lost seats in the House.

This article was provided by Bloomberg News.