InstaForex

September 30, 2021

US Congress Approves Measures to Prevent 'Government Shutdown'

 The Democrat-controlled United States (US) Congress has passed a ‘stopgap funding’ bill to avoid partial government shutdowns while the Senate is still working to approve an increase in the debt ceiling.


U.S. Senate Democratic Majority Leader Chuck Schumer said the move would maintain current funding levels across government agencies until Dec. 3.


The Senate will vote on the stopgap bill Thursday morning U.S. time before it is brought to the U.S. House of Representatives for approval and submitted to President Joe Biden for signature into law.



Senate Republican Mitch McConnell said they will support the funding package to keep the government open until the new fiscal year begins Oct. 1.


The Senate Republican Party earlier this week blocked a move to raise the nation’s long -term debt limit, which could lead to a government shutdown if not approved.


Treasury Secretary Janet Yellen has told lawmakers that America will run out of money if the debt limit is not passed. It will also affect financial markets and confidence in the dollar as a reserve currency.