Photo: Al Drago-Pool / Getty Images

The Senate failed to pass a House bill to keep the government open late Friday night. Five Democrats broke ranks to join Republicans to pass the spending bill, but five Republicans voted no. Democrats want the spending bill to include provisions on immigrants brought illegally to the country as children. White House Press Secretary Sarah Sanders said in a statement: “This is the behavior of obstructionist losers, not legislators.”

The latest: Senate Republican leader Mitch McConnell said he will be proposing an amendment to fund the government through February 8, instead of February 16.

What happens next: The government shut down at midnight. Many thousands of federal employees will be furloughed and around 1.3 million military personnel will go without pay until it's over. President Trump cancelled a trip to Florida to stay in D.C.

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U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.