Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Congress passes 15-day funding bill

By Charles Riley, staff reporter


NEW YORK (CNNMoney.com) -- Congress decided to keep the government open for business.

On Thursday, the day before a temporary federal budget was set to expire, the Senate passed another Band-Aid measure that will fund federal operations for another 15 days.

The House approved the so-called continuing resolution by a vote of 239 to 178 on Wednesday.

The measure moved to President Obama, who was expected to sign it.

The extension to Dec. 18 is the latest in a series of continuing resolutions approved by lawmakers after Congress failed to pass a new budget at the start of the fiscal year.

Without a formal budget, Congress typically ends up passing continuing resolutions for a month or two at a time. That essentially prevents Washington from shutting down, while lawmakers work on finalizing the new budget.

The fallout of not passing a continuing resolution would be no small matter, and would likely lead to furloughs of federal employees and sharply reduced governmental activities, which could have an impact on the larger economy.

The measure was able to pass the Senate without too much trouble, garnering rare support from both sides of the aisle.

In a letter sent to Democratic Majority Leader Reid earlier this week, Senate Republicans said funding the government is one of their top priorities. To top of page

Index Last Change % Change
Dow 18,174.34 79.51 0.44%
Nasdaq 5,283.55 26.06 0.50%
S&P 500 2,153.86 7.76 0.36%
Treasuries 1.56 -0.03 -1.83%
Data as of 12:14pm ET
Company Price Change % Change
Bank of America Corp... 15.22 0.13 0.86%
Chesapeake Energy Co... 6.11 -0.51 -7.70%
Procter & Gamble Co 88.26 0.41 0.47%
Ford Motor Co 12.00 -0.02 -0.12%
Freeport-McMoRan Inc... 10.01 -0.50 -4.76%
Data as of 11:59am ET
Sponsors

Sections

The Labor Department said it is reviewing both open and closed whistleblower complaints against Wells Fargo amid allegations the bank retaliated against employees. It is part of a "top-to-bottom review" ordered by Labor Secretary Thomas Perez related to Wells Fargo and includes allegations that the bank may have violated federal law by failing to pay workers overtime. More

Donald Trump doubled down his crusade against America's trade deals and his attacks on Ford and Carrier. More

Working Mother magazine has released its annual report of the 100 best companies for 2016. And there's some good news for new moms. More