MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Republicans Seek Messaging Win On CR+SAVE Act Legislation

US
Homepagemarkets-real-timePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

House Speaker Mike Johnson (R-LA) has embraced a plan backed by hardline conservatives, and former President Donald Trump, to include the SAVE Act in his short-term funding bill to extend FY24 funding beyond the September 30 deadline. Johnson’s CR is expected to extend funding for six months, beyond the inauguration of the next president.

  • The SAVE Act, which requires proof of citizenship when registering to vote, is DOA in the Senate and has been criticised by Democrats for creating a solution to a problem that doesn’t exist as non-citizens are already barred from voting in federal elections.
  • The prospect of a government shutdown remains remote, but the additional Congressional time required to redraft an inevitable new Continuing Resolution will push negotiations closer to the September 30 deadline than comfortable for many frontline Republicans.
  • It is also unclear if Johnson can get the bill out of the House. Although several Democrats voted in favour of the SAVE Act when it passed the lower chamber in July, a vote on a CR is a more challenging prospect. The conservative faction that ostensibly supports the measure includes a sizable bloc who consistently vote against all CRs.
  • The most likely outcome is a period of politicking during which House Republicans will seek to keep issues related to immigration live ahead of Election Day and argue that Democrats are opposed to voter integrity. After which, Congressional leaders will likely coalesce around a ‘clean’ CR to punt funding until December.
242 words

To read the full story

Close

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.

House Speaker Mike Johnson (R-LA) has embraced a plan backed by hardline conservatives, and former President Donald Trump, to include the SAVE Act in his short-term funding bill to extend FY24 funding beyond the September 30 deadline. Johnson’s CR is expected to extend funding for six months, beyond the inauguration of the next president.

  • The SAVE Act, which requires proof of citizenship when registering to vote, is DOA in the Senate and has been criticised by Democrats for creating a solution to a problem that doesn’t exist as non-citizens are already barred from voting in federal elections.
  • The prospect of a government shutdown remains remote, but the additional Congressional time required to redraft an inevitable new Continuing Resolution will push negotiations closer to the September 30 deadline than comfortable for many frontline Republicans.
  • It is also unclear if Johnson can get the bill out of the House. Although several Democrats voted in favour of the SAVE Act when it passed the lower chamber in July, a vote on a CR is a more challenging prospect. The conservative faction that ostensibly supports the measure includes a sizable bloc who consistently vote against all CRs.
  • The most likely outcome is a period of politicking during which House Republicans will seek to keep issues related to immigration live ahead of Election Day and argue that Democrats are opposed to voter integrity. After which, Congressional leaders will likely coalesce around a ‘clean’ CR to punt funding until December.