Congress faces a December 11, 2026, expiration of the current continuing resolution that funds federal agencies through the start of FY2027. House appropriators have advanced several individual spending bills, while the Senate has advanced none, leaving negotiations to a post-midterm lame-duck session after the November 3 elections. Recent history includes multiple partial shutdowns in 2025 and early 2026 tied to disputes over immigration enforcement and health funding, though lawmakers cleared the September 30 deadline with broad bipartisan support for the stopgap measure. Trader assessments of shutdown risk by year-end will hinge on whether the parties reach agreement on full-year appropriations or another extension before the December cliff, alongside any procedural holds or policy riders that emerge in the remaining session weeks.