Senate lawmakers are making progress towards passing a spending bill that would fund the federal government just days before the shutdown deadline this weekend. A measure has been voted on to begin debate on repurposing a House bill to fund the Federal Aviation Administration into a new Continuing Resolution that could serve as an emergency option to fund the government if successful legislation is not produced in the House of Representatives. The Senate bill, supported by both Majority Leader Chuck Schumer and Republican counterpart Mitch McConnell, includes funding for the government from October 1 through November 17, with around $6 billion for Ukraine and another $6 billion for domestic disaster relief.
However, Republican lawmakers in the House continue to debate various spending bills as they seek to pass a Continuing Resolution that would extend the current budget past its September 30 deadline. With a narrow majority in the House, Speaker McCarthy may need to rely on Democratic votes to ensure the passage of spending bills. Conservative lawmakers, such as the Freedom Caucus led by Florida Representative Matt Gaetz, have failed to support a clean budget bill or a continuing resolution for more negotiation time. The ongoing risk of a government shutdown may lead to a downgrade of the U.S.’s credit rating, warned Moody’s Investors Service. Goldman Sachs puts the chances of a shutdown at around 90%.
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