UBS On-Air: Market Moves Washington Weekly Podcast: Government Funding, Private Sector equity stakes, & more
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Sep 12, 2025 Shane Lieberman, Senior Governmental Affairs Advisor at UBS, dives into the urgent landscape of government funding as the shutdown deadline looms. He discusses the contentious National Defense Authorization Act and highlights the bipartisan rifts complicating discussions. Lieberman also sheds light on the backlog of Trump administration nominations and potential rule changes. Plus, he explores the U.S. government's new trend of taking equity stakes in private companies, revealing the implications for the defense industry and economic policy.
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Likely Short-Term Funding, Not Full Appropriations
- Congress must reconcile 12 appropriations bills but is unlikely to finish all individually before Sept 30.
- Expect partial agreements and short-term extensions rather than complete package deals.
Watch Early Appropriations As Market Signals
- Monitor negotiations for the few bills chairs may complete first like legislative branch, military construction, and agriculture.
- Use those early agreements as signals for likely stopgap funding windows in November–December.
Deadline Disagreement Fuels Shutdown Risk
- President Trump requested a funding deadline of Jan 31, 2026, which many lawmakers oppose as too long.
- Democrats want shorter extensions to retain pressure and to negotiate policy riders like ACA tax credits.