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Published: January 11, 2024 at 3:45 PM ET
U.S. Chamber of Commerce executives expressed alarm Thursday about the possibility of a partial government shutdown next week, citing news that a key agreement on spending levels could be scrapped.
House Speaker Mike Johnson (R-Louisiana) and Senate Majority Leader Chuck Schumer (D-N.Y.) reached an agreement Sunday on key spending levels for the current fiscal year, leading analysts to question whether a split Congress could be avoided. I am increasingly optimistic about the future. shutdown.
but…
U.S. Chamber of Commerce executives expressed alarm Thursday about the possibility of a partial government shutdown next week, citing news that a key agreement on spending levels could be scrapped.
House Speaker Mike Johnson (R-Louisiana) and Senate Majority Leader Chuck Schumer (D-N.Y.) reached an agreement Sunday on key spending levels for the current fiscal year, leading analysts to question whether a split Congress could be avoided. I am increasingly optimistic about the future. shutdown.
But hardline House Republicans said Thursday they want Johnson to renegotiate the deal. The speaker said that while there have been conversations, no commitments have been made so far.
The development is encouraging, as Neil Bradley, chief policy officer at the U.S. Chamber of Commerce, spoke about the situation at a press conference related to his lobbying group’s annual “State of American Business” event. I didn’t think so.
“When it comes to closures, this news that there may be an effort to reconsider the agreement just reached between the Speaker and Leader Schumer and the minority leader is certainly disconcerting. . We have already [continuing resolution] Introduce a spending bill or several bills to avoid a government shutdown. I think any attempt to restart negotiations certainly increases the likelihood that negotiations will be called off,” Bradley said. A standing resolution is a short-term measure often used to extend funding and prevent closure.
Bradley said the chamber plans to step up its warnings about what kind of pain the closure will cause. The influential group ranked as the biggest spender in Washington lobbying in the first three quarters of 2023, with $50 million in spending, according to an OpenSecrets.org disclosure analysis.
“Nearly everyone on Capitol Hill acknowledges that no one wins in a government shutdown. Everyone loses, and that’s why the business community believes that a shutdown would have real-world consequences for American families and American businesses. You’ll hear voices reinforcing the message, and I’m sure you’ll hear the voices of Congress,” Bradley said. “The concerns seem to be growing.”
The Democratic-controlled Senate and Republican-controlled House have a Jan. 19 deadline to strike a funding deal to avoid a partial shutdown. A two-step bill passed by Congress in November extends funding for some agencies and programs through Jan. 19 and continues funding for others until Feb. 2. has been established.
U.S. stocks SPX DJIA fell slightly on Thursday as investors assessed higher-than-expected inflation.
Related: What does market closure mean for the market?
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