On Friday, a second temporary funding measure for FY21 was put into place to keep the federal government open. The continuing resolution was necessary, as Congress continues to finalize its spending bills for FY21, which began back on October 1st. The CR runs through this Friday, setting what should be a final marker on the calendar for the approval of final FY21 spending bills. Congress is expected to reach agreement on the FY21 bills this week.

A phase IV COVID-19 relief package continues to be negotiated on the Hill. The current bipartisan outline remains at a total of $908 billion, possibly split between two bills, allowing for separate votes on broadly agreeable items and more controversial aid to state and local governments. A final deal has alluded lawmakers since April, and although progress has been made, it's far from certain that they will reach agreement before the 116th Congress closes in a few days.