Washington has failed to pass a bipartisan infrastructure bill in the past few weeks and only short-term corrections have been made to prevent a US default and partial government shutdown.
So in the coming weeks, Congress and the White House will have to revisit all of these issues, among other issues, as they face another round of deadlines. Below are some upcoming key dates.
October 31 for infrastructure bill: House spokeswoman Nancy Pelosi, the California Democrat, has said her new target date for advancing the Senate-approved infrastructure bill is Halloween, when a 30-day overland funding extension expires. Another factor is President Joe Biden's plan to attend the United Nations-hosted “COP26” climate talks in Scotland, which begin on October 31st. The Democrats are working to pass the Infrastructure Bill along with a larger package that will address climate change, "human infrastructure" and other party priorities.
December 3rd for shutdown: Biden signed a short-term spending bill on Sept. 30 to keep the federal government running until Dec. 3 and acted only hours before a partial shutdown would have occurred. But the President and Congress now have December 3rd as the new deadline for funding.
Q1 2022 for standard: Washington is well on its way to topping the U.S. debt ceiling by $ 480 billion, allowing federal borrowing through December 3, Vowed Senate Democrats next time go alone and lower the debt ceiling through a process that known as budget balancing. McConnell said a fiery speech by Senate Majority Leader Chuck Schumer, the New York Democrat, "alienated the Republican members who helped make this short-term patch possible." Analysts have forecast the new “X-Date” for the Treasury Department. i.e. if it exhausted the so-called extraordinary measures and lacks the money to meet all of its financial obligations, it could come in the first quarter of 2022.
December 31st for other issues: Before the end of the year, Washington “needs to address the phasing out of several COVID-19 relief provisions, including the improved child tax credit and the child and dependent tax credit,” Ben Koltun, director of research at Beacon Policy Advisors, said in a note. "There is also the traditional deadline for the tax extension," he said, referring to a package of extensions to the tax breaks.
According to Koltun's analysis of the key dates ahead, democratically-led Washington also faces a November 2 deadline, as this is election day for Virginia's gubernatorial contest.
"The seemingly close race in the Commonwealth has Democrats from Democratic gubernatorial candidate Terry McAuliffe to Senator Mark Warner (D-VA) plead that the national Democrats adopt part of their agenda by then," wrote the Beacon analyst.
McAuliffe, a former Virginia governor, leads the RealClearPolitics polls average by 3.5 percentage points on Monday, ahead of Republican candidate Glenn Youngkin, up from 6.6 points in late August.
At the same time, all of the top Democrats' deadlines should be viewed with some skepticism, since, according to Koltun, they do not match the wishes of some party members.
“The deadline mentality last month wasn't enough to get Senators Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) to offer a framework that progressives at BBB would accept. The centrists still appear to be publicly unpressed by short-term deadlines, "he said, referring to Biden's Build Back Better (BBB) plan, which includes spending on climate change and social programs.
"In the meantime, the other end of the bid-ask spread isn't interested in bowing to the leadership's schedule," added Koltun. He pointed out that Vermont Senator Bernie Sanders, the independent who normally votes with the Democrats, recently said the Americans were not telling him to act by a certain day, but rather to tell certain issues like that instead Child tax credit and Medicare expansion aims to meet and climate change.
trading little changed on Monday as the Treasury market and the federal government were closed due to the Columbus Day holiday.