Congressional leaders have announced a deal to fund the federal government in advance of a weekend deadline, but they will need to act quickly to avoid a partial shutdown.
House Speaker Mike Johnson said a text of the agreement would be released and that the House of Representatives and Senate would consider it “as soon as possible.” Lawmakers have until 11:59 p.m. Eastern Friday to pass a deal, or a shutdown would follow.
Departments and agencies that would be affected include the Internal Revenue Service, the Pentagon and the Transportation Security Administration.
IRS Commissioner Danny Werfel told Congress earlier this year that shutdowns are “highly disruptive” and that none have occurred during tax-filing season. All audit functions, for example, would cease during a shutdown, according to the agency’s plan.
A vote could come over the weekend, given indications from Johnson that he’ll give members 72 hours to read the text before a vote. That means there could be a brief partial shutdown — or lawmakers could pass a short-term stopgap bill to keep agencies operating for a couple of days.
President Joe Biden is urging lawmakers to act fast.
“We have come to an agreement with Congressional leaders on a path forward for the remaining full-year funding bills,” the president said in a statement on Tuesday. “The House and Senate are now working to finalize a package that can quickly be brought to the floor, and I will sign it immediately.”
Congress passed the first portion of spending bills earlier this month, funding about 30% of the federal government.
While disruptive to government agencies and workers and Americans who depend on them, investors have historically taken shutdowns in stride.
There have been six shutdowns since 1978 that lasted five days or more, and the S&P 500 stock index SPX gained in the four most recent ones.
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