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Senate Minority Leader Mitch McConnell. Photo: Drew Angerer/Getty Images

Senate Republicans on Monday voted down the House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: Congress is just 72 hours away from a potential shutdown, so now comes Democrats' Plan B. Democratic leadership is expected strip the short-term funding bill of language about raising the debt limit — the part that Republicans' reject — in order to pass a bill before federal agencies close down on Friday.

  • Senate Minority Leader Mitch McConnell (R-Ky.) has said he will vote for the "clean" continuing resolution if Democrats' move forward with that plan.
  • This bill is the top priority in Congress right now, despite also trying to get President Biden's dual infrastructure bills across the finish line by the end of this week.
  • The final vote was 48-50, with Senate Majority Leader Chuck Schumer (D-N.Y.) changing his vote from Yes to No so he could later bring the bill back up for a vote. All Republicans voted against the bill as expected.

Between the lines: Schumer and House Speaker Nancy Pelosi (D-Calif.) have made clear a government shutdown is not an option, so they'll get this done.

  • The bigger question now is how they're going to deal with raising the debt limit now that the continuing resolution is no longer an option.
  • Treasury Secretary Janet Yellen says the government will default on its debt sometime next month, and said doing so would "likely cause irreparable damage to the U.S. economy and global financial markets."
  • Given Republicans' refusal to vote for any legislation that would raise the debt ceiling, Democrats, namely leadership, will likely have to do what they've spent the last month vowing they wouldn't: deal with raising the debt limit through the partisan reconciliation process.

Go deeper: Shutdown Plan B

Go deeper

Biden signals openness to ending filibuster for voting rights legislation

President Biden participates in a CNN town hall at Baltimore Center Stage in Baltimore, Maryland on Oct. 21, 2021. Photo: Nicholas Kamm/AFP via Getty Images

President Biden said Thursday at a CNN town hall he'd be willing to consider doing away with the filibuster in the Senate in a bid to protect voting rights and "and maybe more."

Why it matters: With an evenly split Senate, legislation requires at least 10 Republican votes making it highly unlikely any new voting rights bill would pass with the filibuster in tact.

House votes to hold Bannon in contempt of Congress

Steve Bannon. Photo: Stephanie Keith/Getty Images

The House of Representatives voted 229-202 on Thursday to hold former Trump strategist Steve Bannon in contempt of Congress for refusing to comply with a subpoena from the Jan. 6 select committee.

Why it matters: The Justice Department will now consider bringing criminal charges against Bannon, marking a significant escalation in the Jan. 6 committee's efforts to enforce subpoenas against Trump allies who refuse to cooperate.

Dan Primack, author of Pro Rata
Oct 22, 2021 - Economy & Business

Congressional Democrats take aim at private equity

Illustration: Shoshana Gordon/Axios

Congressional Democrats are again taking aim at private equity, but they don't have much more firepower than the last time around.

Driving the news: The Senate Banking Committee held a pair of hearings earlier this week, one focused broadly on PE misdeeds and one focused specifically on PE's role in the U.S. housing market. The former was chaired by Sen. Elizabeth Warren (D-Mass.) and the latter by Sen. Sherrod Brown (D-Ohio).

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