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2021-09-29

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A Government Shutdown Is Looming and That’s Not All Congress Has on Its Plate. Here’s What to Know.

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Buy the dip!","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/862780465","repostId":1168889160,"repostType":4,"repost":{"id":"1168889160","pubTimestamp":1632898845,"share":"https://www.laohu8.com/m/news/1168889160?lang=&edition=full","pubTime":"2021-09-29 15:00","market":"us","language":"en","title":"A Government Shutdown Is Looming and That’s Not All Congress Has on Its Plate. Here’s What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168889160","media":"Barrons","summary":"Congress has a lot on its plate this week.\nThe federal government is facing a looming shutdown, the ","content":"Congress has a lot on its plate this week.\nThe federal government is facing a looming shutdown, the debt ceiling needs to be raised or the country soon won’t be able to pay its bills, and two spending bills—one focused on physical infrastructure, the other on social programs—are set to be voted on Thursday but still face many obstacles.\nNot only are Democrats and Republicans struggling to agree with each other, but moderates and progressives within the Democratic Party are finding it hard to remain unified as well.\nWhat happens this week on Capitol Hill has enormous stakes that could make or break President Joe Biden’s “Build Back Better” agenda in response to the Covid-19 pandemic—and even shape the political landscape in next year’s midterm elections.\nHere are some things to watch for this week and why they matter.\nGovernment Shutdown\nWhat’s at stake: The federal government will partially shut down by Sept. 30, or this Friday, if lawmakers don’t reach an agreement to approve more spending for the next fiscal year or extend the deadline. This could lead to a suspension of nonessential government services such as national parks, bankruptcy courts, and immigration proceedings. Many government employees would also be furloughed from their jobs without pay.\nWhat’s the holdup: House Democrats, who hold a simple majority, already passed a bill last Wednesday that extended government funding through early December. But the bill was blocked by Senate Republicans on Monday, even though they had agreed on the need to keep the government running.\nThat’s because the Democrats have tied government funding to another resolution that seeks to suspend the debt ceiling through Dec. 16, 2022, which was opposed by all Republican Senators.\nWhile the debt ceiling debate often leads to calls to cut back on government spending, these are two separate issues. Lifting the debt limit doesn’t authorize any new spending, and vice versa, new spending approval doesn’t allow the government to borrow more money.\nBy bundling the two issues together, Democratic leaders had hoped that Republican Senators would back down and support the whole package to avert a government shutdown. They needed at least 10 Republicans on their side to avoid a filibuster, but that didn’t happen on Monday.\nWhat’s next:The Democrats haven’t announced plan-B yet, now that the bundled bill has failed. To avoid a government shutdown, however, they might be forced to break the two issues into separate bills. If that happens, both parties are expected to vote in favor of extending government spending until later this year. But nothing is for sure and a government shutdown could still happen this Friday.\nDebt Ceiling\nWhat’s at stake:The U.S. Treasury will run out of money to pay its financial obligations by mid-October, if lawmakers do not reach an agreement on raising the debt ceiling by then. This would mark the nation’s first-ever debt default and roil the financial market.\nWhat’s the holdup: The U.S. government spends more than it brings in via taxes and other revenue, so it must borrow huge sums of money to pay its bills. But there is a cap on the total amount of money it can borrow, and any debt beyond that needs to be authorized by Congress.\nAs the country is already deeply in debt, however, both parties want to minimize their responsibility and shun the blame for borrowing more money, which could burn lawmakers in next year’s midterm elections.\nRepublicans want Democrats to shoulder the burden of debt-limit increase on their own, arguing they are the ones pushing for trillions of dollars in new spending through two stimulus bills. The Democrats, on the other hand, insist that the borrowing limit should be raised on a bipartisan basis, because both parties have incurred huge debts over the years.\nThe bundled bill that failed to pass Monday included debt ceiling suspension.\nWhat’s next:Republicans have argued that Democrats can address the debt limit on their own through the same reconciliation process they’ve been using to push through the Biden administration’s $3.5 trillion social-spending bill. Instead of 60 votes, a reconciliation bill only needs a simple majority to pass the Senate.\nOne option is to add a debt ceiling suspension as a special clause to the existing reconciliation bill on social spending. But the Democratic Party is deeply divided on what’s the appropriate size of the economic package. Adding debt ceiling to the mix will only make the negotiations even more arduous, and it’s likely there won’t be an agreement in time to avert a default by mid-October.\nAnother option is to write a stand-alone reconciliation bill that focuses only on the debt ceiling. But that would also be time-consuming and it’s unclear whether the new bill could use the reconciliation process since it’s under tight control.\nSocial Spending Bill\nWhat’s at stake:The Democrats are working on a massive $3.5 trillion social spending plan. If passed, it would mark the most significant expansion of the nation’s social safety net in decades, with sizable federal investments on “human infrastructure” programs such as paid family leave, universal pre-K, free community college, and climate-change initiatives. The programs would be paid for by raising taxes on corporations and the wealthy.\nWhat’s the holdup: The social spending bill is not expected to be bipartisan, as the Democrats don’t have the 60 votes needed to pass the bill in the Senate. But they’re using a special tool called reconciliation to make things easier, under which they can pass the bill with a simple majority support of 50 votes without GOP support.\nStill, there is a divergence of opinions within the Democratic Party. While the more moderate members have expressed concerns about the high spending and want to trim the overall costs of the bill, the progressive members want the number to stay at $3.5 trillion. The progressives had initially envisioned a $6 trillion package and insist they have already made huge compromises. There are also disputes over specific policy areas like healthcare. These disagreements could derail the entire plan.\nWhat’s next:House Speaker Nancy Pelosi has vowed to pass the social spending package this week, but acknowledged that the total cost might be smaller than $3.5 trillion in order to reach a compromise. The vote was originally scheduled for Monday, but has been pushed to Thursday.\nInfrastructure Bill\nWhat’s at stake:The $1 trillion infrastructure bill, which has already passed the Senate with bipartisan support last month, is expected to be voted on by the House of Representatives this week. If passed, the bill will improve the country’s aging physical infrastructure and resilience amid climate change threats.\nWhat’s the holdup: As the moderate and progressive Senate Democrats debate over the total costs and details of the social-spending bill, the bipartisan infrastructure bill is being used as leverage on the voting floor. The progressives said they won’t support the infrastructure bill unless the social spending bill is also brought to the floor for a vote at the same time.\nWhat’s next:Pelosi has vowed to pass the infrastructure bill this week along with the social spending bill. The vote was originally scheduled for Monday, but has been pushed to Thursday.","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Government Shutdown Is Looming and That’s Not All Congress Has on Its Plate. 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Here’s What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-29 15:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/government-shutdown-debt-ceiling-congress-51632846789?mod=hp_LEAD_2>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nCongress has a lot on its plate this week.\nThe federal government is facing a looming shutdown, the debt ceiling needs to be raised or the country soon won’t be able to pay its bills, and two spending...\n\n<a href=\"https://www.barrons.com/articles/government-shutdown-debt-ceiling-congress-51632846789?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/government-shutdown-debt-ceiling-congress-51632846789?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168889160","content_text":"Congress has a lot on its plate this week.\nThe federal government is facing a looming shutdown, the debt ceiling needs to be raised or the country soon won’t be able to pay its bills, and two spending bills—one focused on physical infrastructure, the other on social programs—are set to be voted on Thursday but still face many obstacles.\nNot only are Democrats and Republicans struggling to agree with each other, but moderates and progressives within the Democratic Party are finding it hard to remain unified as well.\nWhat happens this week on Capitol Hill has enormous stakes that could make or break President Joe Biden’s “Build Back Better” agenda in response to the Covid-19 pandemic—and even shape the political landscape in next year’s midterm elections.\nHere are some things to watch for this week and why they matter.\nGovernment Shutdown\nWhat’s at stake: The federal government will partially shut down by Sept. 30, or this Friday, if lawmakers don’t reach an agreement to approve more spending for the next fiscal year or extend the deadline. This could lead to a suspension of nonessential government services such as national parks, bankruptcy courts, and immigration proceedings. Many government employees would also be furloughed from their jobs without pay.\nWhat’s the holdup: House Democrats, who hold a simple majority, already passed a bill last Wednesday that extended government funding through early December. But the bill was blocked by Senate Republicans on Monday, even though they had agreed on the need to keep the government running.\nThat’s because the Democrats have tied government funding to another resolution that seeks to suspend the debt ceiling through Dec. 16, 2022, which was opposed by all Republican Senators.\nWhile the debt ceiling debate often leads to calls to cut back on government spending, these are two separate issues. Lifting the debt limit doesn’t authorize any new spending, and vice versa, new spending approval doesn’t allow the government to borrow more money.\nBy bundling the two issues together, Democratic leaders had hoped that Republican Senators would back down and support the whole package to avert a government shutdown. They needed at least 10 Republicans on their side to avoid a filibuster, but that didn’t happen on Monday.\nWhat’s next:The Democrats haven’t announced plan-B yet, now that the bundled bill has failed. To avoid a government shutdown, however, they might be forced to break the two issues into separate bills. If that happens, both parties are expected to vote in favor of extending government spending until later this year. But nothing is for sure and a government shutdown could still happen this Friday.\nDebt Ceiling\nWhat’s at stake:The U.S. Treasury will run out of money to pay its financial obligations by mid-October, if lawmakers do not reach an agreement on raising the debt ceiling by then. This would mark the nation’s first-ever debt default and roil the financial market.\nWhat’s the holdup: The U.S. government spends more than it brings in via taxes and other revenue, so it must borrow huge sums of money to pay its bills. But there is a cap on the total amount of money it can borrow, and any debt beyond that needs to be authorized by Congress.\nAs the country is already deeply in debt, however, both parties want to minimize their responsibility and shun the blame for borrowing more money, which could burn lawmakers in next year’s midterm elections.\nRepublicans want Democrats to shoulder the burden of debt-limit increase on their own, arguing they are the ones pushing for trillions of dollars in new spending through two stimulus bills. The Democrats, on the other hand, insist that the borrowing limit should be raised on a bipartisan basis, because both parties have incurred huge debts over the years.\nThe bundled bill that failed to pass Monday included debt ceiling suspension.\nWhat’s next:Republicans have argued that Democrats can address the debt limit on their own through the same reconciliation process they’ve been using to push through the Biden administration’s $3.5 trillion social-spending bill. Instead of 60 votes, a reconciliation bill only needs a simple majority to pass the Senate.\nOne option is to add a debt ceiling suspension as a special clause to the existing reconciliation bill on social spending. But the Democratic Party is deeply divided on what’s the appropriate size of the economic package. Adding debt ceiling to the mix will only make the negotiations even more arduous, and it’s likely there won’t be an agreement in time to avert a default by mid-October.\nAnother option is to write a stand-alone reconciliation bill that focuses only on the debt ceiling. But that would also be time-consuming and it’s unclear whether the new bill could use the reconciliation process since it’s under tight control.\nSocial Spending Bill\nWhat’s at stake:The Democrats are working on a massive $3.5 trillion social spending plan. If passed, it would mark the most significant expansion of the nation’s social safety net in decades, with sizable federal investments on “human infrastructure” programs such as paid family leave, universal pre-K, free community college, and climate-change initiatives. The programs would be paid for by raising taxes on corporations and the wealthy.\nWhat’s the holdup: The social spending bill is not expected to be bipartisan, as the Democrats don’t have the 60 votes needed to pass the bill in the Senate. But they’re using a special tool called reconciliation to make things easier, under which they can pass the bill with a simple majority support of 50 votes without GOP support.\nStill, there is a divergence of opinions within the Democratic Party. While the more moderate members have expressed concerns about the high spending and want to trim the overall costs of the bill, the progressive members want the number to stay at $3.5 trillion. The progressives had initially envisioned a $6 trillion package and insist they have already made huge compromises. There are also disputes over specific policy areas like healthcare. These disagreements could derail the entire plan.\nWhat’s next:House Speaker Nancy Pelosi has vowed to pass the social spending package this week, but acknowledged that the total cost might be smaller than $3.5 trillion in order to reach a compromise. The vote was originally scheduled for Monday, but has been pushed to Thursday.\nInfrastructure Bill\nWhat’s at stake:The $1 trillion infrastructure bill, which has already passed the Senate with bipartisan support last month, is expected to be voted on by the House of Representatives this week. If passed, the bill will improve the country’s aging physical infrastructure and resilience amid climate change threats.\nWhat’s the holdup: As the moderate and progressive Senate Democrats debate over the total costs and details of the social-spending bill, the bipartisan infrastructure bill is being used as leverage on the voting floor. The progressives said they won’t support the infrastructure bill unless the social spending bill is also brought to the floor for a vote at the same time.\nWhat’s next:Pelosi has vowed to pass the infrastructure bill this week along with the social spending bill. The vote was originally scheduled for Monday, but has been pushed to Thursday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1015,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/862780465"}