Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Schumer Says Deal Has Been Made to Avoid Government Shutdown

Stock Markets Sep 30, 2021 01:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Schumer Says Deal Has Been Made to Avoid Government Shutdown

(Bloomberg) -- Senate Majority Leader Chuck Schumer said Wednesday lawmakers had reached an agreement to avoid a government shutdown on Friday, extending government spending until Dec. 3.

The legislation, scheduled for a Senate vote Thursday morning, though important, will resolve perhaps the least of Schumer’s worries. 

Federal agencies, pushed to the brink of the end of the fiscal year, had been preparing for a shutdown of non-essential parts of the government after Senate Democrats failed to push through a stopgap measure that included a suspension of the debt ceiling. Sixty votes are required to proceed on most legislation in the evenly divided Senate. 

Stripped of divisive language, the stopgap spending bill should easily pass both chambers. But the threat of a catastrophic default is less than three weeks away and Democrats still have no solution to that problem. 

At the same time, the main pieces of President Joe Biden’s massive domestic agenda remain mired in Congress over internecine Democratic squabbles, and had been shadowed by the threat of a shutdown.   

“Now, we are ready to move forward,” Schumer said on the Senate floor. “We have an agreement on the C.R., the continuing resolution to prevent a government shutdown and we should be voting on that tomorrow morning.”

The House on Wednesday approved a stand-alone debt limit measure, but that, too, is almost certain to fail in the Senate. 

Treasury Secretary Janet Yellen has warned that without congressional action, the U.S. risks a disastrous default around Oct. 18.  

Republicans have said they won’t vote for an increase to the government’s borrowing ability as Democrats prepare to spend $3.5 trillion on social programs via separate legislation.

Democrats themselves remain at odds on that plan. The U.S. House is scheduled to vote Thursday on Biden’s $550 billion infrastructure package, but progressive Democrats have pledged to vote it down without action on the broader social-spending measure.  

 

Schumer Says Deal Has Been Made to Avoid Government Shutdown
 

Related Articles

Dow Futures Ease After Positive Week
Dow Futures Ease After Positive Week By Investing.com - Aug 14, 2022 5

By Oliver Gray Investing.com - U.S. stock futures were trading slightly lower during Sunday’s evening deals, after major benchmark averages rallied for the 4th consecutive...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
jason xx
jason xx Sep 30, 2021 4:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Senate pass the infrastructure bill yet?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email