A blocked vote on the debt limit and government funding, testimony from Fed and Treasury leaders, and initial approval of an extension of Governor Ned Lamont’s emergency powers are among the top business news items this morning.
National
Senate Republicans have blocked legislation passed by the House of Representatives to raise the debt limit and fund the federal government. Congress must reach an agreement on federal funding by Friday to avoid a government shutdown, while the debt ceiling issue will likely become critical next month due to the potential for a Treasury default.
Federal Reserve Chairman Jerome Powell is set to speak before Congress today with Treasury Secretary Janet Yellen. The officials are expected to testify that the COVID-19 Delta variant is slowing economic recovery but that full employment is still expected next year, and that inflation is likely to remain elevated in the near future before moderating.
Connecticut
The Connecticut House of Representatives has voted 80-60 to extend Governor Ned Lamont’s emergency powers, which are currently set to expire at the end of the month, through Feb. 15. The Connecticut Senate will vote today on whether to approve or deny the extension.
