The US Senate has convened to begin consideration of the three-bill minibus appropriations package and Continuing Resolution to fund the government through January 30. The primary focus for markets is whether Senate Majority Leader John Thune (R-SD) and Senate Minority Leader Chuck Schumer (D-NY) can strike a deal to fast-track the process of reopening the government.
- As eight Democrats voted to invoke cloture on the package yesterday, the remaining procedural votes can be passed via a simple majority. However, absent a time agreement to wrap up the package today, any single Senator can delay the process for a few days.
- Senator Rand Paul (R-KY) is one potential holdup. He "has been warning GOP leaders that he will obstruct passage of any bill that takes aim at the hemp industry in his state," per Politico.
- House Speaker Mike Johnson (R-LA) indicated at a press conference a short time ago that he will bring the lower chamber back into session 36 hours after Senate passage, which suggests the government could be reopened by Wednesday.
- Punchbowl notes that Johnson wants to pass the Senate package under a rule, meaning the bill will require a vote in the Rules Committee and a rule vote on the floor. The GOP majority will only be two votes if Johnson swears in Rep-elect Adelita Grijalva, who won a special election in September, when the House gavels in.
- As always, Johnson will need the support of conservatives. However, despite standard objections to CRs and the inclusion of a Senate minibus appropriations package, House conservatives are unlikely to torpedo a Trump-backed plan to reopen the government.