Congress set for a busy January
The Senate and the House are back in session, but they’re unlikely to get much done before the Christmas holiday — which means January is going to be busy.
As Thanksgiving approached, Congress navigated a potential government shutdown crisis by swiftly approving a short-term budget package.
Newly elected House Speaker Mike Johnson took the helm, proposing a novel two-step government funding plan. He’s hoping to give the House more time to achieve full-year agency funding bills through the regular appropriations process instead of the temporary continuing resolutions (CRs).1
Yet this strategy merely extends the deadline until January 19 for specific budgets such as Transportation, Housing, and Urban Development, and pushes the timeline to February 2 for others like Defense and Health & Human Services.2
Here's the kicker—Congress is set to depart from the hustle and bustle of D.C. as soon as December 15th, returning to session on January 9.
This timeline leaves just a handful of days before the first looming deadline. House Speaker Johnson made it clear there won't be any more quick-fix, short-term solutions this time around.2
Beyond the crucial spending bills, Congress also has a list of items waiting in the wings. Proposals for funding allocations concerning Israel, Ukraine, and the southern border are on the table, ready for their turn under the legislative spotlight.
If this sounds like a recipe for January news headlines filled with uncertainty and potential disruptions, you may be correct. Brace yourself for a bit of market turbulence and political whirlwinds.
While we remain optimistic, history suggests that Congress might take its sweet time working through the many issues. We’ll be here to help you navigate the headlines and answer any questions you may have.
Until next week,
Your Eagle Wealth Team
Medicare Open Enrollment Ends Thursday
Don’t forget - the Medicare open enrollment deadline is on December 7th, 2023. This is your last chance to review your current plan and make any changes that better suit your needs for the upcoming year.
2. FundStrat.com, November 20, 2023
3. The Wall Street Journal, December 1, 2023
4. The Wall Street Journal, December 1, 2023
5. The Wall Street Journal, December 1, 2023
6. The Wall Street Journal, November 30, 2023
7. The Wall Street Journal, November 30, 2023
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