A deadline for funding the federal government is looming once again, but the Republicans' victory in the November elections makes the perennial partisan standoff over the budget and threats of a government shutdown less likely.

Democratic lawmakers are negotiating a deal with Republicans to extend a key Dec. 20 deadline that would otherwise result in a government shutdown, according to a report by Politico. Senate majority leader Chuck Schumer, a Democrat from New York, told the news outlet that his party is preparing to agree to a stopgap funding measure that would put off finalizing a budget until after the newlyꦿ elected Republican-led Congress takes control in January.

If the measure passes, the incoming Republican-controlled Congress would set the bud♛get for the U.S. government next year, diminishing the chances of a partisan standoff with one party threatening to shut down the government.

How Did We Get Here With the Federal Budget?

🎶The federal budget was due in September, but the Republican-led House of Representatives and the Democratic-controlled Senate did not reach an agreement. They passed a continuing resolution, effectively punting the deadline to later in the year.

Now, Congress is preparing to punt a second time, avoiding the kind of st🎐andoff that has frequently occurred in recent years when government control is spli𒈔t between two parties.

What's Next For the Federal Spending?

Shortly after the budget deadline, Congress will have to address the 澳洲幸运5官方开奖结果体彩网:debt ceiling, the limit on how much the U.S. can borrow.

A 澳洲幸运5官方开奖结果体彩网:2023 deal to extend the debt ceiling expires Jan. 1, and after that, lawmakers must vote to raise it. Otherwise, the U.S. risks defaulting on the $36 trillion national debt, potentially setting off a financial crisis. Democrats and Republicans have clashed over the debt ceiling in the past, with the party out of power in the White House sometimes threatening to block debt ceiling legislation.

The debt limit could continue to be an issue over the foreseeable future since incoming president Donald Trump's tax cut policies are widely predicted to lead to 澳洲幸运5官方开奖结果体彩网:higher budget deficits. Although Republicans are in the majority, the Senate's filibuster rules give the minority some ability to block debt ceiling increases.

Frequent 💞澳🔴洲幸运5官方开奖结果体彩网:showdowns over the budget and debt ceiling, which often result in last-minute compromises to avert a crisis, have caused some anxiety in financial markets over the willingness of the U.S. government to honor 澳洲幸运5官方开奖结果体彩网:Treasury securities, which are a pillar of the global financial system. Credit rating agencies, including Moody's and Fitch, ꦺ澳洲幸运5官方开奖结果体彩网:dinged the government's creditworthiness in 2023 amid a debt ceiling standoff.