Senate votes to avoid government shutdown with short-term funding bill

Markets not impacted by government shutdown talks: Market strategist

SlateStone Wealth chief market strategist Kenny Polcari provides insight into how the markets will react to the spending debate in Washington. 

The Senate on Thursday approved a bill to fund the government through Dec. 3 and avert a government shutdown for now.

It's one of several political issues being followed closely by the markets, which have fallen Thursday amid uncertainty about the passage of a bipartisan infrastructure bill and President Biden's $3.5 trillion spending package.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34028.35 -362.37 -1.05%
SP500 S&P 500 4336.77 -22.69 -0.52%
I:COMP NASDAQ COMPOSITE INDEX 14545.35485 +32.91 +0.23%

Sixty-five senators voted in favor of the short-term funding bill, which did not include a provision to raise the debt ceiling. Thirty-five no votes were not enough to sink the bill, which needed 60 votes to pass. Treasury Secretary Janet Yellen has said that the U.S. could run out of money to pay its bills by Oct. 18 if the debt limit is not raised.

"This vote says we are keeping the government open," said Senate Majority Leader Chuck Schumer ahead of the vote, calling it a "glimmer of hope."

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Now the bill heads to the House, which has until midnight to send it to Biden's desk before the close of the federal government's fiscal year.

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