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Congress may pass short-term spending bill and student loan forbearance is extended: How the headlines could affect your money

If Congress can't pass a short-term spending bill, the federal government will shut down Saturday.

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Betsy DeVos, Secretary of Education.
Michael Brochstein | SOPA Images | LightRocket | Getty Images

The major indexes were mixed Monday, Congress expects to pass a short-term spending bill, and student loan forbearance has been extended. Here's how the headlines could affect your money.

Markets mixed

Both the Dow and S&P 500 declined Monday, which put a stop to a four-session upswing for the Dow. The Nasdaq, however, rose on Monday to close at a new record high.

Tuesday morning, the market was fairly flat. In the early afternoon, however, the market began to rise on news that Pfizer began its U.K. vaccine rollout.

The government tries to avoid another shutdown

Congress plans to pass a short-term spending measure Wednesday to keep the government going until December 18, as lawmakers continue to hash out details of both further government spending and a coronavirus relief package. If the short-term measure doesn't pass, the government could shut down on Saturday. 

Going forward, a group of bipartisan lawmakers hope to include a $908 billion bipartisan coronavirus aid package as part of a larger bill to fund the government past December 18. Both the expansion of unemployment benefits to less traditional workers through Pandemic Unemployment Assistance and a moratorium on evictions are set to expire in December.

VIDEO2:0902:09
Suze Orman's 2 rules for borrowing student loans

Video by Stephen Parkhurst

Student loan forbearance extended

U.S. Secretary of Education Betsy DeVos announced last week that the forbearance period for federal student loans, originally set to end in December, will be extended through January 31, 2021. Borrowers will not be expected to make payments until that time and rates will remain at 0%.

An estimated 37 million borrowers have taken advantage of the measure.

Words you've heard: Trading session

A trading session is one day of business in a particular financial market, marked from opening bell to closing bell. Those working hours vary by market. 

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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