This year, the US Congress failed to reach agreement on a single area of funding. How investors can position themselves in the event of a shutdown.
It is becoming increasingly likely that the US government will shut down operations on October 1st. To avert this, Congress would have to pass 12 separate bills to fund federal agencies by the end of the fiscal year on September 30. However, lawmakers disagree on a number of issues. The Biden administration has asked Congress to pass a “continuing resolution” that would temporarily maintain government operations at the levels of the previous fiscal year.
U.S. House Speaker Kevin McCarthy announced demands to avoid a month-long U.S. government shutdown on Oct. 1, including a temporary 8 percent spending cut for domestic agencies and a resumption of border wall construction . McCarthy presented the plan to Republican lawmakers in a conference call Sunday evening after negotiators from the House’s main Republican factions agreed on demands for temporary funding for the government for 31 days. A House vote on the measure is scheduled for Thursday, reports Bloomberg.
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