On September 30th (U.S. time), the U.S. Senate officially passed the Temporary Budget Bill, providing the U.S. government with enough funding to operate until mid-November. Immediately after passing, the bill was sent to President Joe Biden, who promptly signed it before the October 1st deadline.
The bill includes up to $16 billion in funding to support victims of natural disasters but does not include aid for Ukraine or any budget cuts or changes related to border policies.
It can be seen that the passage of this Short-Term Budget Bill by both houses of the U.S. Congress will provide enough time to continue negotiations and reach an agreement on the Budget Bill for the 2024 fiscal year.
In particular, avoiding a government shutdown allows relief for U.S. citizens and federal agencies. A government shutdown would have resulted in 4 million government employees not receiving pay, various federal service agencies operating under restrictions, and the closure of many different federal services, from national parks to financial regulatory agencies.
This could also affect the progress of some cryptocurrency-related bills awaiting votes, including bills focusing on cryptocurrency, such as the Financial Innovation and Technology for the 21st Century Act (FIT), the Clear Regulation for Blockchain Use Act, and the Stablecoin Payment Clarity Act.