Bull Hedging
  • Politics
  • Stocks
  • Business
  • Investing
  • Politics
  • Stocks
  • Business
  • Investing

Bull Hedging

Politics

Trump-backed spending bill goes down in flames as shutdown looms

by admin December 20, 2024
December 20, 2024
Trump-backed spending bill goes down in flames as shutdown looms

A bill to avert a partial government shutdown that was backed by President-elect Trump failed to pass the House of Representatives on Thursday night.

Congress is inching closer to the possibility of a partial shutdown, with the deadline coming at the end of Friday.

The bill needed two-thirds of the House chamber to pass, but failed to even net a majority. Two Democrats voted with the majority of Republicans to pass the bill, while 38 GOP lawmakers bucked Trump to oppose it.

The margin fell 174 to 235.

It comes after two days of chaos in Congress as lawmakers fought among themselves about a path forward on government spending – a fight joined by Trump and his allies Elon Musk and Vivek Ramaswamy.

Meanwhile, the national debt has climbed to over $36 trillion, and the national deficit is over $1.8 trillion.

The legislation was hastily negotiated on Thursday after GOP hardliners led by Elon Musk and Vivek Ramaswamy rebelled against an initial bipartisan deal that would have extended the government funding deadline until March 14 and included a host of unrelated policy riders.

The new deal also includes several key policies unrelated to keeping the government open, but the 116-page bill is much narrower than its 1,547-page predecessor.

Like the initial bill, the new iteration extended the government funding deadline through March 14 while also suspending the debt limit – something Trump had pushed for.

It proposed to suspend the debt limit for two years until January 2027, still keeping it in Trump’s term but delaying that fight until after the 2026 Congressional midterm elections.

The new proposal also included roughly $110 billion in disaster relief aid for Americans affected by storms Milton and Helene, as well as a measure to cover the cost of rebuilding Baltimore’s Francis Scott Key Bridge, which was hit by a barge earlier this year.

Excluded from the second-round measure is the first pay raise for congressional lawmakers since 2009 and a measure aimed at revitalizing Washington, D.C.’s RFK stadium.

The text of the new bill was also significantly shorter – going from 1,547 pages to just 116.

‘All Republicans, and even the Democrats, should do what is best for our Country, and vote ‘YES’ for this Bill, TONIGHT!’ Trump wrote on Truth Social.

But the bill hit opposition before the legislative text was even released.

Democrats, furious at Johnson for reneging on their original bipartisan deal, chanted ‘Hell no’ in their closed-door conference meeting on Thursday night to debate the bill.

Nearly all House Democrats who left the meeting indicated they were voting against it.

Meanwhile, members of the ultra-conservative House Freedom Caucus also said they would vote against the bill.

‘Old bill: $110BB in deficit spending (unpaid for), $0 increase in the national credit card. New bill: $110BB in deficit spending (unpaid for), $4 TRILLION+ debt ceiling increase with $0 in structural reforms for cuts. Time to read the bill: 1.5 hours. I will vote no,’ Rep. Chip Roy, R-Texas, wrote on X.

This post appeared first on FOX NEWS

previous post
Awalé Expands BBM Trend to Over 15km with Additional Newly Defined Targets Boba and Fett
next post
House Republicans agree on Plan B government funding bill with Trump’s debt limit increase

Related Posts

New report warns of growing national security threat...

December 22, 2024

State Dept defends human rights abuse report changes,...

April 22, 2025

GOP talk on millionaire tax hike ‘makes no...

May 9, 2025

Soaring Medicare prescription drug prices targeted in Trump’s...

April 16, 2025

DOGE helps State Department eliminate Biden admin’s DEI...

April 8, 2025

Trump’s proposed US takeover of Gaza Strip elicits...

February 5, 2025

‘FOOD BABE’ VANI HARI: Don’t boo the MAHA...

April 6, 2025

‘Make NATO great again’: Hegseth pushes European allies...

February 14, 2025

‘Greater reckoning’: Obama’s spot in the Democratic sun...

December 27, 2024

The Hitchhiker’s Guide to President Trump’s speech to...

March 5, 2025

Recent Posts

  • Emerging Stocks to Watch – Breakouts, Momentum & Upgrades!
  • S&P 500, Bitcoin & XLK: What the Charts Are Saying Now
  • MACD + ADX: Spot the Pullbacks Worth Trading
  • S&P 500 Slide Explained: What Past Price Action Reveals About Market Dips
  • Republicans look to stop China’s ‘backdoor’ tariff dodging scheme

Recent Comments

No comments to show.

About Us

About Us

Design Magazine

Welcome to Design Magazine. Follow us for daily & updated design tips, guide and knowledge.

Stay Connect

Facebook Twitter Instagram Pinterest Youtube Email

Recent Posts

  • Emerging Stocks to Watch – Breakouts, Momentum & Upgrades!

    May 23, 2025
  • S&P 500, Bitcoin & XLK: What the Charts Are Saying Now

    May 23, 2025
  • MACD + ADX: Spot the Pullbacks Worth Trading

    May 23, 2025
  • S&P 500 Slide Explained: What Past Price Action Reveals About Market Dips

    May 23, 2025
  • Republicans look to stop China’s ‘backdoor’ tariff dodging scheme

    May 23, 2025
  • Trump has not directed admin to declassify Biden docs on health ‘cover-up’

    May 23, 2025

Editors’ Picks

  • 1

    Small Caps are Set to Skyrocket in 2025—Here’s What You Need to Know

    December 12, 2024
  • 2

    Trump leaves China guessing what his next move is with unusual inauguration invitation

    December 15, 2024
  • 3

    Uranium Price Forecast: Top Trends That Will Affect Uranium in 2025

    December 19, 2024
  • 4

    Ad revenue should stabilize for media companies in 2025 — if they have sports

    December 31, 2024
  • 5

    Trudeau declares himself ‘proud feminist’ after lamenting Harris loss to Trump as setback for women

    December 13, 2024
  • 6

    Zinc Stocks: 4 Biggest Canadian Companies in 2025

    January 15, 2025
  • 7

    Lead Price Forecast: Top Trends for Lead in 2025

    January 11, 2025
Promotion Image

banner

Categories

  • Business (365)
  • Investing (1,182)
  • Politics (1,474)
  • Stocks (478)
  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Disclaimer: bullhedging.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2025 bullhedging.com | All Rights Reserved