Lawmakers are once again racing against the clock to find a way to fund the government.
It is a make-or-break week for Washington lawmakers, who are once again racing against the clock to find a way to fund the government before the sweeping federal workforce shuts down on Friday at midnight.
Just last week, Republicans pulled two appropriations bills from the floor because it didn’t have the votes to pass them. Anything passed through the House also has to be approved by the Democratic-led Senate and signed by President Joe Biden before it becomes law. Economists estimate those lost hours of work, and the resulting hit to consumer spending, would shave 0.2 percentage points off economic growth for each week it lasted, though growth would rebound by a commensurate amount once the government reopens.
Perhaps most significantly, a shutdown could highlight the U.S.’s persistent issues with governance, which could negatively impact its credit rating. On Friday, Moody’s Investors Service, the only major ratings agency to continue to hold U.S. debt at an Aaa rating, said it was changing the outlook on the U.S.’s rating from “stable” to “negative,” in part because of continued political polarization in Congress.
“A new Speaker should have political capital to win one clean, temporary extension of current funding, and the new Speaker does not believe that a government shutdown is a political winner,” the Strategas policy team led by Dan Clifton wrote. Even so, the team added, “there is wide disagreement among Republicans over the best path forward.”
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