Congress Passes Funding Bill to Avoid US Government Shutdown

The United States Senate passed a bipartisan bill on Saturday evening, just three hours before the midnight deadline, to prevent a government shutdown. 

The bill, which received overwhelming support with a vote of 88 to 9, funds the government for the next 45 days, until November 17. 

In a late Saturday post on X (formerly Twitter), President Joe Biden revealed that he has signed the bill into law. 

I just signed a law to keep the government open for 47 days. There’s plenty of time to pass Government funding bills for the next fiscal year, and I strongly urge Congress to get to work right away.

The American people expect their government to work.

Let’s make sure it does. pic.twitter.com/ffjwUIPWIt

— President Biden (@POTUS) October 1, 2023

“Tonight, bipartisan majorities in the House and Senate voted to keep the government open, preventing an unnecessary crisis that would have inflicted needless pain on millions of hardworking Americans,” Biden said in a statement after the passage. 

He also commended the bipartisan majorities in both the House and the Senate for averting an unnecessary crisis.

All Democratic senators voted in favor of the measure, while the nine opposing votes came from Republicans. 

Earlier in the day, the House passed the bill by a margin of 335 to 91, following House Speaker Kevin McCarthy’s decision to seek Democratic support for the short-term funding bill. 

Ultimately, the bill received more support from Democrats than Republicans in the House, with 90 Republicans voting against it while only one Democrat opposed it.

It is worth noting that the funding for Ukraine was absent from the bill, a provision sought by Democrats but opposed by many Republicans. However, the bill does include funding for disaster relief.

McCarthy had to rely on Democratic votes for passage due to opposition from the hard-right faction within his party. 

To secure approval, the speaker implemented a voting process requiring a two-thirds supermajority, equivalent to about 290 votes in the 435-member House. 

Prior to the vote, McCarthy emphasized the high cost of a government shutdown, particularly for Americans in uniform. 

He called on both Republicans and Democrats to prioritize the well-being of the American public and underscored the unfairness of denying payment to those risking their lives to defend the nation.

A Government Shutdown Could Have Impacted Crypto As Well

A US government shutdown could have also left adverse effects on the progress of crypto bills awaiting a vote, potentially impacting the future of cryptocurrency regulation.

Back in July, lawmakers from the House Financial Services Committee voted in favor of several crypto-focused bills. 

The Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act garnered support and were among the more notable bills passed by the committee. 

These bills could potentially be brought to a House floor vote during the current session of Congress.

However, a government shutdown would have halted lawmakers’ ability to move forward with any legislation.

Several of the bills awaiting a vote have bipartisan support and are likely to pass in floor votes, according to Ron Hammond, the Blockchain Association’s director of government relations. 

He mentioning that “there is a lot of landmines politically that can tank either bill/any deal.”

14) However for crypto this is big as the Senate was always the obstacle for legislation getting signed into law. Whenever the shutdown fiasco subsides, this will be an important dynamic to watch. Whether you're watching the shutdown fight or Gensler this week, get your🍿ready!

— Ron Hammond (@RonwHammond) September 25, 2023