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Update: Trump signals support for funding to avert US shutdown

Congressional party leaders have reportedly reached a deal on a bill to fund the government past March 23, with the House set to vote on the measure the day before funding runs out.

President Donald Trump backs the plan, according to a release from the White House.

"The President had a discussion with Speaker Ryan and Leader McConnell, where they talked about their shared priorities secured in the omnibus spending bill," according to a statement from the White House press secretary. "The President and the leaders discussed their support for the bill, which includes more funds to rebuild the military, such as the largest pay raise for our troops in a decade, more than 100 miles of new construction for the border wall and other key domestic priorities, like combating the opioid crisis and rebuilding our nation’s infrastructure."

Following leadership meetings the morning of March 21, House Speaker Paul Ryan told reporters that he feels "like we're in a very good place," on the bill, with Senate Minority Leader Chuck Schumer echoing Ryan's sentiment.

"We're feeling very good about this," Schumer told The Hill. "We've accomplished many, many, many of our goals. When it's unveiled, you will see. We're not going to get into any more details."

At a news conference March 20, Schumer said the compromise was a result of negotiations between the parties. Senate Majority Leader Mitch McConnell committed the Senate to passing a funding bill within the week, while also saying they would stay in Washington as long as necessary to pass legislation.

S&P Global Ratings said the prospect of a shutdown is "highly unlikely," despite the previous shutdowns that have occurred this year. The economic consequences of a shutdown would depend on how long the government remains closed, but S&P estimates a shutdown could knock off roughly 0.2 of a percentage point, or $6.5 billion on an annualized basis, from first-quarter GDP growth, for every week the government is shut down.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.