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Polymarket, Kalshi Contract Limits in Shutdown Fight

Government ⁣Shutdown Averted… For Now

the ‍U.S. government narrowly avoided a shutdown on September 30,2023,after Congress passed a last-minute continuing resolution⁤ to fund federal agencies through November 17,2023. This temporary measure followed weeks of political maneuvering and disagreements ⁣over spending levels.

The Continuing Resolution and its Provisions

A continuing resolution (CR) ⁤provides ⁢funding for a‌ specific period, typically at existing levels, when Congress has not passed regular appropriation bills. The CR passed by Congress provides funding through November 17, 2023, at ⁤levels agreed to in⁢ the bipartisan debt ceiling deal reached in May 2023. H.R.5894 ‌- Continuing​ Appropriations ‍Act, 2024 details the specific provisions of the bill.

The CR included $6 billion in aid for Ukraine, ⁤a key point⁤ of contention for some Republican lawmakers. It ​also provided funding ‌for⁢ disaster relief and other urgent needs. ⁤The bill did not include ‌funding ⁤for Israel, which was a seperate issue being‌ debated in Congress.

Political Context and House Republican Divisions

The passage of the CR was complicated ‌by deep divisions within the House‍ Republican caucus. A group⁤ of hardline conservatives opposed the bill, ⁤arguing it‌ did not go⁢ far enough ⁢to ⁢cut spending. house Speaker‌ Kevin ⁤McCarthy ultimately relied on support from Democrats to pass the measure. Roll Call provides detailed coverage of the vote⁣ and the political dynamics.

The CR’s​ passage was largely seen as a temporary fix, delaying​ a more notable showdown over government funding. The November⁢ 17 deadline will force Congress to revisit‍ the‌ issue and‍ potentially negotiate a longer-term funding ⁤solution.

Potential Impacts of ⁤a ​Shutdown⁢ (had it Occurred)

A government shutdown would⁣ have had significant consequences ‍for federal ⁣employees⁢ and the public. Non-essential federal workers would have been furloughed, meaning they would have been temporarily laid off⁤ without pay. USA.gov provides information on what ⁤a government shutdown means for federal services.

Essential services, such as⁣ national security, law enforcement, and air traffic control, would have ⁤continued to operate,‌ but many other government functions would have been disrupted.‍ National parks could have closed, and processing of applications⁣ for benefits and permits could have been delayed. The Congressional Budget Office (CBO) estimated⁢ that even a short shutdown would ⁣have negatively impacted economic growth. CBO Report on ⁤the economic ⁣Effects of‍ a government Shutdown details these potential economic impacts.

Looking Ahead: The November 17 Deadline

Congress now faces the⁣ challenge of reaching a broader agreement on government funding before November 17, 2023. Negotiations ‍are expected to‍ be arduous, as‍ Republicans and‍ Democrats continue to disagree on spending priorities. ​The ​possibility of another shutdown remains a significant concern. NBC News offers ongoing coverage of the upcoming funding debates.

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