This past week marked a busy week for Congress, as the House and Senate begin to wrap up the 2019 year before the holiday break.
Yesterday, Congress announced they had reached a preliminary $1.3 trillion spending deal for 2020. This deal will put Congress on track as the New Year approaches, and also avoids a government shutdown next week before Congress is out of session.
While the House has not voted on the bill yet, they are expected to vote early next week, with the Senate is planning on voting to pass as well. Additionally, President Trump has noted his support for the deal and Congress' ability to unite and pass the bill.
Also on Thursday, the House passed a bill intending to lower the price of prescription drugs. The bill will let the government negotiate lower prices for prescription drugs, which House Democrats had been vying for.
However, the Democrat's plan has slim chance of passing in the Senate, as many Senators deem the measure too far-left.
In Executive news, President Trump agreed to a limited trade deal with China yesterday, in which the U.S. will cancel the new tariff hike and roll back existing tariffs on some Chinese goods (The Wall Street Journal). As a result of this announcement, U.S. stocks rose roughly 0.5%.