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Free AccessCapitol Hill Staffers Pessimistic About Passing Annual Spending Bills
Punchbowl News has published a survey of Capitol Hill staffers revealing that an "overwhelming majority" of staffers (79%) don't believe Congress will pass all 12 appropriations bills by the end of the year.
- Failure to pass the bills by year-end would trigger an automatic 1% cut to all government agencies in accordance with a mechanism within the debt limit bill negotiated by House Speaker Kevin McCarthy (R-CA) and the White House.
- Punchbowl notes that, "...right now it’s unclear how Congress will even keep the government funded beyond the end of the fiscal year on Sept. 30," as there is currently a USD$120 billion gap between Senate and House bills, with House appropriators choosing to markup spending bills significantly lower than caps agreed to in the debt ceiling bill.
- The survey also found that 57% of senior staffers don’t think the most recent showdown over the debt limit will reduce the risk of another debt ceiling standoffs in 2025.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.