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NEW YEAR NEWS TO 'KNOW' | Congress Set for a Busy January

NEW YEAR NEWS TO 'KNOW' | Congress Set for a Busy January

December 14, 2023

News in 2023:

In a rare display of bipartisanship, Congress averted a potential government shutdown just days before the deadline. Facing a November 17th cutoff for funding, lawmakers on both sides came together to pass a temporary spending measure that will keep the government operating into the new year. While not ideal, this short-term solution has provided a much-needed respite from the looming threat of a shutdown and its associated disruptions.

Key to this agreement was a willingness on both sides to compromise. House Speaker Mike Johnson, faced with opposition from members of his party, ultimately relied on Democratic support to pass the bill. This move signaled a break from the often-gridlocked partisan politics that have characterized recent budget negotiations.

While a shutdown has been avoided for now, the underlying issues remain unresolved. Congress has yet to agree on a full-year budget for fiscal year 2024, and the temporary spending bill sets up two new critical deadlines in January and February. The potential for further shutdown threats lingers, highlighting the ongoing challenges of reaching a consensus on federal spending priorities.

News for 2024:

The Senate and the House have returned to work but will likely get little done before the Christmas break, so January 2024 will be busy.

Congress passed a short-term budget package before Thanksgiving 2023 to avoid a shutdown. But that gives legislators until January 19 to pass some of the budgets (Transportation, Housing and Urban Development) and until February 2 to pass other parts (Defense, Health and Human Services).1

Congress will leave D.C. before December 25 and return to Washington on January 9, leaving only a few days before the first deadline. House Speaker Mike Johnson has indicated that there will be no more short-term packages.1

In addition to the regulator spending bills, Congress is expected to act on funding proposals for Israel, Ukraine, and the southern border.

If it sounds like a lot of "January headline risk," you may be correct. So be prepared for some volatility. We can hope for the best, but history suggests Congress may take its time working through the many issues. 


Your beneficiaries need to be in the 'Know' as well. Please discuss the topics below with them.

  • Post-death distribution options
  • Required minimum distributions (RMDs)
  • Spousal beneficiary options
  • Estate tax return deadlines
  • Tax benefits to beneficiaries
  • We need to 'know' if your beneficiaries have an address &/or phone number that needs to be updated.

Our relationship with a client does not stop when they pass; it continues through their beneficiaries, making it essential for us to know about your beneficiaries and for them to know about us. Please make it a New Year's Resolution to introduce your (adult) beneficiaries to our firm; we would like to get to know them.

Happy Holidays!!

David S. Dixon, CFP®

Jacob S. Bierstedt, CFP®, ChFC

#DixonFinancialGroupLV #Beneficiaries #RequiredMinimumDistribution #HappyHolidays #NewYearResolution

1., November 20, 2023