Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

Politics

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

by 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
0
FacebookTwitterGoogle +Pinterest
previous post
Crowd crush kills 35 children at funfair in Nigeria, police say
next post
A tale of two Syrians: One finally made it back, another is too fearful to return

You may also like

Trump campaign blasts top Harris surrogate Mark Cuban...

October 31, 2024

Support for Taylor Swift’s get-out-the-vote effort drops sharply...

September 19, 2024

Federal judge blocks 5 Trump tariff executive orders

May 29, 2025

‘It’s a setback’: Democrats criticize Biden over Hunter...

December 2, 2024

Liberal think tank’s deep ties to Biden admin,...

September 9, 2024

Schumer reveals Dem counter-offensive against Trump’s DOGE audit

February 10, 2025

Homeland Security puts staff involved in ‘disinformation’ board...

February 12, 2025

Trump pledges to release files on JFK, MLK...

January 20, 2025

White House celebrates ‘Star Wars Day’ with AI...

May 4, 2025

Disputed DOD nominee is ‘best person’ to implement...

February 20, 2025

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • Colorado terror attack adds to alarming rise in US domestic terrorism

      June 2, 2025
    • Ukraine’s wily drone strikes expose Russia’s vulnerability and could shift war’s narrative

      June 2, 2025
    • Maxine Waters campaign to pay $68K for violating campaign finance laws

      June 2, 2025
    • Fetterman, McCormick react to ‘astonishing’ Boulder attack on pro-Israel group: ‘Rank antisemitism’

      June 2, 2025
    • As Musk exits DOGE, a look back at previous efforts to cut waste, fraud and abuse – and how they fared

      June 2, 2025
    • ‘Red tape’: Trump admin unleashes DOGE-aligned process to fire federal workers for misconduct

      June 2, 2025

    Categories

    • Business (649)
    • Investing (661)
    • Politics (4,306)
    • World News (2,909)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.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 © 2024 WhaleLargeCapital.com | All Rights Reserved