Congress must reach a deal on the debt limit, infrastructure and government funding before the end of the year.
As the year comes to a close, lawmakers must work together on three major items; the debt limit, infrastructure and government funding. Congress must act before Dec. 3 in order to avoid a government shutdown. According to CNBC, If Congress fails to address the debt ceiling, it could roil financial markets, raise the cost of borrowing and increase the threat of a first-ever U.S. default. That worst-case scenario could cost the country jobs and damage the global economy.
Democrats have set an Oct. 31 target to pass both planks of Biden’s economic agenda. The date acknowledges one hard deadline: Funding for some surface transportation programs would lapse at the end of the month if Congress does not approve the infrastructure bill, which would refresh the money for five years.