President Joe Biden signed a continuing resolution bill on September 30 that averted a federal government shutdown, with funding extended to December 3. The House and Senate will are continuing to work on funding measures to fund the federal government through the balance of the fiscal year or potentially then have to pass another short-term funding extensionextend funding again. But as previously noted in this space, there are more deadlines ahead to watch.
Meanwhile, lawmakers still must vote to increase the debt limit before October 18, when Treasury Secretary Janet Yellen has said the United States will reach the limit. Republicans have called on Democrats to include raising the debt limit in the current budget reconciliation legislation, while Democrats have opposed that solution. Biden has called the approaching debt limit deadline a “meteor” on a collision course with the U.S. economy.
As for budget reconciliation, progress remains stalled on the $3.5 trillion legislation as moderate Senate Democrats have balked at the price tag. The infrastructure bill also remains in limbo, although Senate Majority Leader Charles Schumer (D-NY) has said he expects the Senate to pass a bill by the end of the month.
As previously reported here, the reconciliation bill includes billions of dollars in funding for tax credits and spending programs that directly impact affordable housing. The infrastructure bill includes billions in spending in sectors adjacent to the affordable housing sector, including environmental remediation, connected communities, broadband and more.