Congress Set for a Busy January

The Senate and the House have returned to work but are unlikely to get much done before the Christmas break— which means January is going to be busy.

To recap, Congress passed a short-term budget package before the Thanksgiving holiday to avoid a shutdown. But that gives legislators until January 19 to pass some of the budgets (Transportation, Housing and Urban Development) and until February 2 to pass other parts (Defense, Health and Human Services).¹

Congress will leave D.C. before December 25 and will return to Washington on January 9, which leaves only a handful of days before the first deadline. House Speaker Mike Johnson has indicated that there will be no more short-term packages.¹

In addition to the regulator spending bills, Congress is expected to act on funding proposals for Israel, Ukraine, and the southern border.

If it sounds like a lot of “January headline risk,” you may be correct. So be prepared for some volatility. We can hope for the best, but history suggests Congress may take its time working through the many issues. 

^{1. FundStrat.com, November 20, 2023}