• The U.S. Senate on Friday advanced legislation that would fund several federal agencies through September, but it was unclear whether the chamber would be able to pass it in time to avert a partial government shutdown due to begin at midnight.
• The $467.5 billion spending package would fund agriculture, transportation, housing, energy, veterans and other programs through the end of the fiscal year on Sept. 30.

The key takeaway - The U.S. Senate made progress on Friday with legislation intended to fund several federal agencies until September, though it's uncertain if the bill will pass in time to prevent a partial government shutdown. The $467.5 billion package, aimed at supporting agriculture, transportation, housing, energy, veterans, and other sectors until the fiscal year's end on September 30, had previously cleared the House of Representatives with ease. Despite a bipartisan vote advancing the bill in the Senate, the timing for a final vote remains in doubt due to some Republicans demanding discussions on other issues like immigration, potentially delaying proceedings until Saturday evening.

The possibility of a temporary funding extension exists to sidestep a shutdown, with Senator John Cornyn expressing optimism for a resolution once it's acknowledged that the bill will likely remain unchanged. Nonetheless, approval of this bill doesn't conclude fiscal debates for the year, with discussions on additional funding for military, homeland security, and other sectors looming ahead of a March 22 deadline. This fiscal year's budgetary process has been particularly tumultuous, marked by demands for spending reductions and a temporary leadership void in the House due to internal disagreements among both parties, all against the backdrop of a $34.5 trillion national debt.