The U.S. House has surged ahead, bulldozing through any chance of a government shutdown on Nov. 18. A resounding win for the newly-elected Speaker Mike Johnson, even in the face of resistance from certain Republicans.
An all-encompassing stopgap bill, boasting a 336-95 vote victory, stands to elongate government funding at prevailing levels until mid-January, affording legislators an extended timeframe for consensus-building.
The onus now shifts to the Senate, where a green light is overwhelmingly anticipated. President Joe Biden’s imprimatur remains the final piece of the puzzle before the midnight Friday deadline for sovereign funding.
“I’m thrilled the House has endorsed this bill devoid of extremist partisan incisions and traps. A robust bipartisan endorsement,” pronounced Senate Majority Leader Chuck Schumer. “My pledge is to fast-track this bipartisan funding extension.”
Johnson’s brainchild places funds for certain government operations up to Jan. 19 and the remainder until Feb. 2, potentially ushering in another shutdown cliffhanger on Groundhog Day. The bill sidesteps allocations for Ukraine and Israel, with Johnson stipulating the need for greater breathing space to address spending slash decisions.
The burgeoning deficit and rife political schisms stand as the pivotal forces behind Moody’s critical shift in the country’s ratings outlook, oscillating from stable to negative.
Esteemed readers: We wholeheartedly acknowledge the interlacing of politics with the day’s financial developments. We invite you to delve deeper and participate in our exclusive political conversation here.
