US House expected to vote on stopgap funding Tuesday

Ross J Burland FXStreet

There has been a bipartisan agreement for weeks on the need for a basic spending stopgap at a time when it is needed to avert a catastrophic shutdown in the middle of the ongoing pandemic, wildfires and hurricanes, and keep government open until December 11.

But Republicans say the bill is far from conflict-free.

Senate Majority Leader Mitch McConnell, R-Ky., called it a "rough draft" that "shamefully leaves out key relief and support that American farmers need."

Market implications

There is a toxic political environment on Capitol Hill and markets want to see Democrats and Republicans come together over coronavirus relief especially.

The death of Supreme Court Justice Ruth Bader Ginsburg does not help either.

US stocks are struggling at the start of the week.

The S&P 500 is down some 1.6% at the time of writing as new lockdown fears swell with the US economy facing a longer road to recovery.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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