Government Shutdown Averted

 

Government Shutdown Averted   A stopgap funding bill cleared Congress this morning shortly after a midnight deadline, averting a federal government shutdown. The measure from House Speaker Mike Johnson (R, LA-4) was approved by the Republican-led House by a vote of 366-34 Friday, while the Democratic-led Senate followed suit early Saturday morning by a vote of 85-11. President Joe Biden is expected to sign the bill today.   The short-term extension, known as a continuing resolution, funds the government at current levels through March 14 while adding $100B for disaster aid and $10B for agricultural assistance to farmers. It eliminates President-elect Donald Trump's demand to raise or suspend the debt ceiling, which Republican leaders indicate will be addressed separately in upcoming tax and border policy discussions next year. The debt ceiling limits the total amount of money the US can borrow to meet its existing financial obligations. The US debt has risen to roughly $36T after the ceiling was suspended from June 2023; that suspension expires Jan. 1.