On Friday, the House passed the $2 Trillion Build Back Better Act (H.R. 5376) along a party line vote. The measure will now head to the Senate for consideration, where it will likely be amended. Our summary of the affordable housing provisions in the bill is available here.
The December 3 expiration of the current continuing resolution (CR) is quickly approaching, and Congress will need to act quickly to secure funding or risk a government shutdown. Current indicators point towards a two-week CR. The previous December 3 debt ceiling estimate has been extended to December 15 through extraordinary measures at the U.S. Department of the Treasury. Both measures will need action when the Senate returns, as well as the National Defense Authorization Act (NDAA) for Fiscal Year 2022.
The House and Senate are both in recess this week for the Thanksgiving holiday.