Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

US Congress scrambles to try to avert looming shutdown after Trump demand rejected

admin by admin
December 20, 2024
in Economy
0
US Congress scrambles to try to avert looming shutdown after Trump demand rejected
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

WASHINGTON (Reuters) – The U.S. Congress was scrambling to avert a partial government shutdown on Friday, hours after more than three dozen Republicans rejected a demand by President-elect Donald Trump to use the measure to lift the nation’s debt ceiling.

Republican House of Representatives Speaker Mike Johnson was trying to plot a course that could pass both his chamber, with narrow Republican control, and the Democratic-majority Senate, as a midnight Friday (0500 GMT Saturday) funding deadline loomed.

“We have a plan,” Johnson told reporters at the Capitol on Friday. “We’re expecting votes this morning.”

Conservative Republicans on Thursday rejected Trump’s demand to lift the debt limit, which could add trillions more to the government’s $36 trillion in debt. 

Trump, who takes office in one month, overnight ratcheted up his rhetoric, calling for a five-year suspension of the U.S. debt ceiling even after members of his party’s right flank balked at an earlier two-year extension.

“Congress must get rid of, or extend out to, perhaps, 2029, the ridiculous Debt Ceiling. Without this, we should never make a deal,” Trump wrote in a post on his social media platform shortly after 1 a.m.

An earlier bipartisan deal was scuttled after Trump and his ally Elon Musk, the world’s richest person, came out against it on Wednesday. A hastily revised alternative backed by Trump then failed by a vote of 174-235 Thursday night.

That revised measure generally would keep the roughly $6.2 trillion federal budget running at its current level through March and provided $100 billion in disaster relief. But it dropped other measures included to appease Democrats, who still control the U.S. Senate and the White House for four more weeks.

The White House has said President Joe Biden opposed the reworked bill.

Previous fights over the debt ceiling have spooked financial markets, as a U.S. government default would send credit shocks around the world. The limit has been suspended under an agreement that technically expires on Jan. 1, though lawmakers likely would not have had to tackle the issue before the spring.

This post appeared first on investing.com

Previous Post

Russia’s Nabiullina on rate decision, rouble and monetary policy

Next Post

Slovak PM Fico warns of gas crisis without Ukraine transit route

admin

admin

Next Post
Slovak PM Fico warns of gas crisis without Ukraine transit route

Slovak PM Fico warns of gas crisis without Ukraine transit route

Trending News

Powell Industries stock has surged: time to buy or sell?

Powell Industries stock has surged: time to buy or sell?

October 6, 2024
IWM ETF: Russell 2000 crashes as fear and greed index tumbles

IWM ETF: Russell 2000 crashes as fear and greed index tumbles

February 28, 2025
Japan’s passport ranks No. 2 globally, yet only 17.5% of citizens have one

Japan’s passport ranks No. 2 globally, yet only 17.5% of citizens have one

February 22, 2025
Subscribe to Insightful Word


    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025
    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    August 7, 2025
    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    August 7, 2025

    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025

    Latest News

    • Dow futures soar 250 points today: 5 things to know before Wall Street opens
    • Affirm stock price is rising: is it a buy before earnings?
    • Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.