The Senate voted 60-40 to advance legislation to end the federal government shutdown as it stretched past the 40-day mark, making it the longest in U.S. history. The continuing resolution (CR) will need House approval to be enacted and for government operations to resume.
If passed, the CR would fund the federal government through Jan. 30, 2026, guarantee retroactive pay for federal workers who were furloughed and for workers who were not paid during the shutdown, reverse layoff notices and reduction in force (RIF) orders issued during the shutdown and would prohibit further RIFs at federal agencies until the end of January.
The financial services industry welcomed the bipartisan move in a joint statement issued by the American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Consumer Bankers Association, Defense Credit Union Council, Financial Services Forum, Mortgage Bankers Association and National Bankers Association.
“The time has come to end the shutdown and the damage it’s doing to the U.S. economy and to communities,” the trades wrote. “We urge lawmakers to support this agreement, bring the shutdown to an end and resolve their remaining policy differences with the government open and functioning.”
The Independent Community Bankers of America (ICBA) issued the following statement in response to the move:
“With the federal government shutdown affecting critical market-based programs, ICBA and the nation’s community bankers welcome bipartisan efforts to end the shutdown and ensure local economic growth stays strong. We encourage all sides to continue working together to quickly reopen the government and get back to the negotiating table to finish the appropriations process.”
Senate Majority Leader John Thune (R-S.D.) committed to hold a vote in December on extending the funding for Affordable Care Act (ACA) enhanced subsidies, which are set to expire at the end of the year. The enhanced subsidies were enacted in 2021 via the American Rescue Plan Act (ARPA) and extended through 2025 by the Inflation Reduction Act to help lower-income Americans pay for private health insurance.
The potential impact of the expiration of these subsidies has been a sticking point for Democrats throughout the shutdown.
The CR also contains three full-year appropriations bills previously approved by the House – the “Military Construction, Veterans Affairs, and Related Agencies Appropriations Act,” the “Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act,” and the “Legislative Branch Appropriations Act.”
President Donald Trump told reporters on Nov. 9 he would “abide by the deal” if it advanced to his desk to be signed into law.
However, House Minority Leader Hakeem Jeffries (D-N.Y.) said he is “deeply skeptical” that the Trump administration would approve a Senate funding bill that would reverse firings for federal workers, while speaking at a press conference.
House Majority Leader Mike Johnson (R-La.) said he would hold a vote on the CR as soon as possible.