The 119th Congress has enacted 117 laws through September 2026, well below historical averages for the period, with most bills stalled in committee. Trader sentiment centers on the post-midterm lame-duck session, where a December 11 funding deadline will force action on appropriations, the farm bill, NDAA, FISA Section 702 reauthorization, and potential reconciliation measures. Recent catalysts include the Senate’s September 30 agreement on bipartisan permitting reform legislation amending NEPA and related statutes, plus the 21st Century ROAD to Housing Act’s 85-5 Senate passage, both of which face uncertain paths to 60 votes amid ongoing negotiations and administration priorities. These dynamics, combined with election outcomes reshaping committee control and amendment prospects, explain subdued probabilities for most specific bills reaching the president’s desk before year-end.