Free Trial

Senate Moves On CR, McCarthy Frames Govt Shutdown Around Border Policy

US

Two dynamics emerged yesterday in the race to prevent a government shutdown on Sunday. The Senate voted to advance a Continuing Resolution to fund the government through mid-November and House Speaker Kevin McCarthy (R-CA) indicated he plans to frame the debate around border security and deflect from internal GOP battles over spending.

  • The Senate CR includes USD$6b for Ukraine but no additional funds for border security. Senator Rand Paul’s (R-KY) blanket opposition to Ukraine aid means the Senate CR is unlikely to come up for a vote before government funding expires.
  • Punchbowl News writes, “right now, it seems exceedingly likely that the federal government is going to shut down this weekend. Full stop.”
  • Beyond framing the debate around border security, McCarthy attempted to draw the White House into negotiations: "All the president has to do is call us up. Let's go sit down and get this done before the end of the week.”
  • Biden is highly unlikely to negotiate again with McCarthy over spending. He said earlier in this week: “We made a [debt limit spending] deal. We shook hands… Now they're reneging on the deal.”

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.