Approval of Funding Until Dec. 3 Averts Government Shutdown, Renews Flood Program

Congress on Thursday passed a last-minute, short-term funding measure, averting a government shutdown that would have curtailed federal operations including the National Flood Insurance Program.

The Senate was the first chamber to approve (65-35 ) the proposal to fund the government until Dec. 3. The House passed the measure in the afternoon. President Biden later signed the measure.

Lawmakers will have to face the funding question again on Dec. 3.

Without renewed funding, a government shutdown would have begun at midnight and authorization for the NFIP would have expired then. If the NFIP is not reauthorized, NFIP claims for existing policies would still be paid, but the agency could not sell any new policies or renew existing ones.

Congress also still faces a vote to raise the debt limit, allowing the Treasury to borrow more money to pay the nation’s bills.

Raising the debt limit to pay for obligations already incurred is traditionally a bipartisan vote. But Republicans have balked and said they want Democrats to support it by themselves because Democrats want to pass another large spending bill.

Treasury says if the debt ceiling is not raised by Oct. 18, the U.S. could default on its loans.

Topics Mergers & Acquisitions Flood