The Nasdaq and S&P are now down about 5% from all-time highs set earlier this month.
Stocks fell sharply Thursday as lawmakers in Washington, D.C., struggled to come to terms on spending measures investors have been anticipating for weeks, with one key Democratic senator saying he’ll only support a massive social spending package encompassing many of President Joe Biden’s policy priorities if the price tag is cut by more than half. Lawmakers are facing a slew of critical deadlines in the coming weeks as they race to avert a looming government shutdown and a debt default, all while Democratic leaders try to push forward Biden’s agenda. In addition to the infrastructure vote likely to come Thursday, the Senate is expected to vote on a measure to suspend the debt limit for another year as soon as next week.
