Government Shutdown Deadline Looms; Retail Sales In Focus

esCongress has until Thursday night to pass a new $1 trillion spending bill that funds the federal government through 2015 and avoids a government shutdown that could start as early as Friday.

Republicans in the House of Representatives are considering to challenge President Obama’s recent decision to use executive action to jump start immigration reform by approving a spending bill that funds the federal government through September 2015 but also carries continuing resolution (CR) that only funds the Department of Homeland Security through early 2015 when newly elected Republicans will gain the majority in Congress.

The Department of Homeland Security is a branch of government that manages border security and immigration issues.

On December 3rd Senator Ted Cruz (R-Texas) and Rep. Michelle Bachmann (R-Minn) spoke to reporters about the need to “defund” the president’s executive action after claiming that he violated the U.S. constitution by working to protect 4.7 million undocumented immigrants from deportation.

Retail Sales

The weekly calendar is light with economic data although Thursday will be closely watched since it is the day that retail sales will be reported for November. forecasts a 0.7 increase in retail sales for November. In October retail sales saw an increase of 0.3 percent.

Investors are looking for reliable data about holiday spending patterns.

After Black Friday, Shopper Tracker and the National Retail Federation posted some early holiday sales data and projections.

Some confusion hit the market about Thanksgiving sales falling 11 percent  after it was posted on other websites, reportedly from the national retail  federation.

That 11 percent drop with Thanksgiving sales wasn’t reported here on this website because it couldn’t be verified and was in question.

-Johnathan Schweitzer

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