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Photo: Andrew Caballero-Reynolds/AFP via Getty Images

President Trump late Friday night signed the continuing resolution that will fund the federal government through Dec. 21 and temporarily avert a partial shutdown.

Why it matters: The 48-hour stopgap will also give lawmakers the weekend to resolve outstanding issues with a $900 billion coronavirus relief package and $1.4 trillion long-term spending deal.

Context: This is the second continuing resolution Congress has needed to pass this month because lawmakers could not compromise. The first was passed last week.

  • But congressional leaders set and blew past Friday's deadline to work out their differences, even though lawmakers have said for days they were closing in on a deal.

The big picture: Stimulus negotiations were hindered on Friday with debate over the Federal Reserve’s emergency lending powers.

  • Some Republicans, including Sen. Patrick Toomey (Pa.), want to reduce the Fed’s emergency lending programs as part of a stimulus deal, while Democrats fear the GOP is attempting to reduce the Fed’s authority before the Biden administration takes over.

Lawmakers also disagree on the proposed $600 direct payments to Americans as part of the stimulus bill.

What to watch: House Majority Leader Steny Hoyer (D-Md.) said the chamber would not hold votes on any legislation until Sunday afternoon.

Go deeper

Chuck Schumer is now majority leader as 3 new Democratic senators are sworn in

Sen. Chuck Schumer (D-N.Y.) is officially Senate majority leader after the inauguration of Vice President Kamala Harris and the swearing-in of new Sens. Alex Padilla (D-Calif.), Jon Ossoff (D-Ga.) and Raphael Warnock (D-Ga.).

Why it matters: With a 50-50 Senate, Schumer will control a narrow majority with Harris as the tie-breaking vote. Democratic control of the Senate is crucial to President Biden's agenda, from getting his coronavirus relief proposal passed to forgiving student debt.

Dion Rabouin, author of Markets
34 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
1 hour ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.