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Clocks Continues to Tick on Shutdown, Debt Ceiling

As predicted, the Senate yesterday was not able to adopt the House-passed legislation that would keep the government funded past midnight Friday and raise the debt ceiling through mid-December 2022.  As promised, no Senate Republicans voted to move the measure forward for a vote.  While Senate Republicans have publicly supported keeping the government open and opposed a shutdown, they have also stated that they will not vote in favor of legislation that includes both a continuing resolution to fund the government and provisions to raise the debt ceiling.  With the Senate divided 50-50, Democrats will need to come up with a Plan B to address both a looming shutdown and a potentially catastrophic default.

In a related development, Treasury Secretary Janet Yellen stated earlier today that the federal government may run out of ways to meet its obligations and may breach the debt ceiling on October 18.

Read more about the current situation herehere, and here.