Congress faces a December 11, 2026, deadline to pass full-year appropriations or another continuing resolution before current funding expires, with the lame-duck session beginning November 9 under Republican majorities. Democrats gained control of Congress in the November 3 midterms, shifting leverage for the next session and raising the possibility that lawmakers will defer difficult spending and policy decisions. Recent history includes multiple partial shutdowns tied to disputes over healthcare subsidies, immigration enforcement, and overall spending levels. Negotiators must reconcile defense priorities, expiring authorizations such as surface transportation programs, and potential riders within a compressed calendar, while the incoming divided government increases the chance of extended talks or a temporary lapse. Market pricing reflects trader assessment of these procedural and partisan dynamics.