In the latest episode of the Washington circus, Republican leadership is having a difficult time passing a new funding bill that would prevent the government from shutting down following a Dec. 22 midnight deadline. After already passing a two-week funding deadline extension earlier this month, it should come as no surprise to investors that Congress is once again up against an important deadline with no clear plan in place.

Still, experts say the House bill is unlikely to make it through the Senate without having the defense budget stripped out. Any major amendments from the Senate would likely mean Republicans would be forced to get Democratic House votes to pass the bill. President Donald Trump recently signed an annual defense policy bill that would require $700 billion in Congressional funding, an initiative that's unlikely to win Democratic support.

To complicate matters further, Republicans are primarily focused on tax reform this week. The tax reform bill is likely in its final stages of being passed into law and would mark the first meaningful piece of legislation the current Republican-controlled Congress has passed since the 2006 election. Republicans’ efforts to repeal and replace Obamacare have failed, and Trump’s campaign promise for a $1 trillion infrastructure spending bill has been put on the back burner.