Congressional Spooky Season Shifts to December

Dated: October 19 2021

Views: 56

With short-term deals recently struck to fund the government and extend the debt ceiling, the spooky season for congressional deadlines now shifts to December.

Government funding was set to expire on September 30. With only hours to spare, Congress sent President Joe Biden a nine-week government funding extension. The bill continues funding at current levels through December 3 and includes a reauthorization of the National Flood Insurance Program.

Meanwhile, Congress continues to deliberate on President Biden’s Build Back Better plan, which includes two bills: a bipartisan “hard” infrastructure plan covering traditional items like roads and bridges, and a “human” infrastructure plan focused on items like education and health care.

House Democratic leaders delayed a planned vote on the bipartisan hard infrastructure bill on September 30 after some legislators first sought a deal on the human infrastructure bill. This delay resulted in a temporary lapse in certain surface transportation programs, but Congress then passed a one-month extension. The bipartisan hard infrastructure bill has already passed the Senate.

As October began, attention turned to the urgent need to raise or suspend the debt ceiling. Treasury Secretary Janet Yellen warned of “catastrophic” consequences if Congress failed to act before October 18.

With more than $8 trillion in mortgage debt backed by the federal government, the real estate sector is highly susceptible to market instability. A debt default would unleash unnecessary and unknown harm on the economy and our 1.5 million members, most of whom are small business owners. And rising interest rates would serve a devastating blow to the homeownership dreams of countless American families.

President Joe Biden invited NAR President Charlie Oppler and other business leaders to the White House on October 6 to discuss the urgency of this issue. Following the meeting, congressional leaders signaled they would pursue a short-term debt ceiling extension. They announced a deal the next day – pushing yet another deadline to December 3.

These short-term fixes have extended the congressional spooky season, and NAR will continue working with lawmakers on these crucial issues. Though there could be toil and trouble in the coming weeks, we know this is important and necessary work to keep our markets stable and our country strong.

 Source: Realtor Party News

Blog author image

Bobby Nies

If you are looking to Buy or Sell you want to make sure you are not just another number to your Realtor. Yes, it is a Sellers Market but if you are selling your home, you want to make sure you get the....

Latest Blog Posts

Will Home Prices and Rents Finally Fall? Predictions on What’ll Happen in Real Estate, 2022

(Realtor.com / Getty Images)(Realtor.com / Getty Images)Here’s what we already know: Since the COVID-19 pandemic began, the real estate market has been on a wild ride of

Read More

The World’s Richest Athletes Earn the Cash To Buy Average-Priced Homes in Hours

This year, Lionel Messi, arguably the greatest soccer player of all time, left his former club F.C. Barcelona for Paris Saint-Germain. Like many a recent transplant, Messi decided to start life

Read More

Why the boom in US home sales is not a bubble?

The US housing market is still in a frenzy as pandemic-induced demand intensifies a longstanding housing shortage. In October, the number of existing homes sold across the country rose by 0.8% even

Read More

7 Credit-Building Myths First-Time Homebuyers May Hear (and Believe) Today

(Getty Images)People love to dole out unsolicited advice. Some of it is actually useful. Other tips you hear, though, may do more harm than good—particularly when it comes to your credit score

Read More