House Democrats Unveil Stopgap Spending Bill, Risks of Government Shutdown Loom

House Democrats unveiled a 104-page stopgap spending bill to keep the government open past October 1, excluding key priorities from both parties. The bill aims to maintain federal spending levels until December 11, when Congress would have to pass another spending plan. Senate Republicans have come out against the plan, raising the risks of a government shutdown. The bill omits nearly $30 billion in farm aid the White House wanted and excludes pandemic food assistance for children, a Democratic concern.

Key Takeaways:

• The stopgap spending bill, unveiled by House Democrats, aims to keep the government funded until December 11, when Congress would have to pass another spending plan.
• The bill omits nearly $30 billion in farm aid the White House wanted, which Senate Republicans are pushing to include in the short-term funding measure.
• Senate Majority Leader Mitch McConnell opposed the plan, raising the risks of a government shutdown, only nine days before current funding expires.
• Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi agreed earlier this month to keep the coronavirus relief bill separate from discussions to avert a government shutdown.
• The talks on a stimulus bill are still bogged down with the White House and congressional Democrats nearly $1 trillion apart on their spending plans.
• Senate Republicans came out against the plan shortly after it was unveiled, citing the omission of key relief and support for American farmers.
• The bill also excludes pandemic food assistance for children, a Democratic concern, which was sought to be included in the original proposal.

Statistics:

• 104-page stopgap spending bill unveiled by House Democrats
• $30 billion in farm aid omitted from the bill
• 9 days until current funding expires
• $1 trillion apart on spending plans between the White House and congressional Democrats
• 12 months until December 11, when Congress would have to pass another spending plan

Sources:

• https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR8319IH.pdf
• https://twitter.com/senatemajldr/status/1308090170860855298?s=20
• https://www.businessinsider.com/investing-advice-top-experts-best-sector-plays-amid-election-volatility-2020-9
• https://www.businessinsider.com/nancy-pelosi-democrats-stimulus-agreement-trump-republicans-economy-bigger-waiting-2020-9
• https://www.businessinsider.com/investing-advice-5-portfolio-moves-second-round-stimulus-andrew-sheets-2020-9