On The Money — Biden gives Congress more time on funding deal

Congress has a few more days to figure out a way to avert a shutdown. We’ll also look at divides among Senate Republicans over cannabis banking and how America feels about the likelihood of a recession. 

???? But first, some encouraging news about COVID-19 boosters. 

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Congress passes short-term funding bill

President Biden on Friday signed a short-term funding bill to keep the government open through next week as congressional negotiators haggle over the details of a longer-term spending deal.  

Biden signed the bill upon returning to the White House from Delaware, where he’d given remarks about legislation to help veterans who were exposed to toxic burn pits.  

• The Senate on Thursday night voted 71-19 to pass the continuing resolution, sending it to Biden for approval after it passed the House the night before in a 224-201 vote. 
  
• The CR freezes funding levels through Dec. 23 to buy time for ongoing spending negotiations, preventing a shutdown that would have otherwise begun on Friday at midnight. 

Some in the GOP in particular have been reluctant to back a larger government spending deal before the party takes control of the House next month. Those lawmakers have argued the party should hold out until the GOP has more leverage over what is included in an omnibus package.  

Brett Samuels has the story here. 

BANKING BILL FALTERS

Senate GOP faces politics vs. policy battle on marijuana  

The omnibus package is on the path to passage, but the expected exclusion of marijuana banking reform has spawned a battle in the Senate GOP.  

For months, top Democrats and a number of Republicans had high hopes that legislation allowing banks to offer services to cannabis businesses in states where it has been legalized would be part of either the year-end National Defense Authorization Act or the omnibus package.  

Those dreams were dashed last week when Senate Minority Leader Mitch McConnell (R-Ky.) took a two-by-four to the plan, likely leaving the Secure and Fair Enforcement (SAFE) Banking Act on the cutting room floor this year. 

• The bill, which would allow cannabis businesses to access banking services, is expected to be punted until 2023 at least.  
  
• Proponents of the legislation are upset, as they maintain the bill has enough support to clear procedural hurdles and win at least 60 votes on the Senate floor.  
  
• Daines and Senate Majority Leader Charles Schumer (D-N.Y.) were convinced the bill would get over the finish line this year, especially as marijuana boosters felt the wind at their back with President Biden’s moves to pardon weed offenders. 

Al Weaver has more here. 

87% very, somewhat worried about a recession: poll 

Close to 9 in 10 Americans report they are concerned about a recession as officials say that the possibility is not off the table, according to a new poll. 

• A poll conducted by Morning Consult for the Bipartisan Policy Center released on Friday found 87 percent of respondents said they were very or somewhat concerned about a recession.  
  
• A separate 10 percent said they were not too concerned or were not at all concerned.  

Those findings come as the annual inflation rate decreased between October and November, from 7.7 percent to 7.1 percent, and as the Federal Open Market Committee offered a smaller hike in interest rates earlier this week. 

Caroline Vakil has more here. 

BUY THE DIP?

Biden administration to buy 3 million barrels of oil to replenish reserves  

The Department of Energy will purchase 3 million barrels of oil to replace withdrawals from the Strategic Petroleum Reserve (SPR) amid high energy prices, it announced Friday.  

The Biden administration presented the purchase, which follows a bidding process that began in October, as an opportunity to buy the oil at a fixed price and repurchase it for less than the average of $96 per barrel it sold for.  

“Relative to conventional purchase contracts that expose producers to volatile crude prices, this new approach, when used at scale, can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place,” the Energy Department said in a statement. 

Zack Budryk has more here. 

Good to Know

The share of adult children who live with their parents has ticked up in recent years. This just in: The parents don’t like it.   

A recent Pew survey found two-fifths of dads believe parents hosting adult children is bad for society, while only 12 percent think it’s a good thing. Moms agree, albeit to a lesser degree. 

Other items we're keeping an eye on: 

• Speaker Nancy Pelosi (D-Calif.) supports adding legislation to ban TikTok on government devices to a federal funding bill, a spokesperson confirmed Friday.
   
• A top official for the European Union warned Twitter CEO Elon Musk about “red lines” that exist and potential “sanctions” to come following the platform’s suspension of multiple journalists who cover him and Twitter.  
  
• Former President Trump’s digital trading cards have sold out less than 24 hours after he first announced they were available. 

That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you Monday.