The vote this week on funding to keep the government running past Sept. 30, the end of the fiscal year and a built-in deadline, will force the political stalemate into the open.
Democratic congressional leaders backed by the White House announced Monday they would push ahead with a vote to fund the government and suspend the debt limit, all but daring Republicans who say they will vote against it despite the risk of a fiscal crisis.
The magnitude of the challenges ahead and the speed required to accomplish the job are like nothing Congress has faced in recent memory, situating Biden’s entire domestic agenda and the political fate of his Democratic Party at a crucial moment.The $3.5-trillion spending plan that Democrats proposed is already being whittled down. That’s good for the party. Voters prefer incremental change.
“Since Democrats decided to go it alone, they will not get Senate Republicans’ help with raising the debt limit. I’ve explained this clearly and consistently for over two months,” McConnell said Monday on the Senate floor. Stocks on Wall Street closed sharply lower Monday, handing the Standard & Poor’s 500 index its biggest drop in four months as worries about heavily indebted Chinese real estate developers rippled across markets and investors have concerns that the U.S. Federal Reserve could signal that it’s planning to pull back some of the support measures it’s been giving markets and the economy.
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