Trade Masters Chronicle
  • Economy
  • Editor’s Pick
  • Investing
  • Latest News
No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Latest News
No Result
View All Result
Trade Masters Chronicle
No Result
View All Result

Trump-backed spending bill goes down in flames as shutdown clock ticks down

by
December 20, 2024
in Latest News
0
Trump-backed spending bill goes down in flames as shutdown clock ticks down

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 to 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

House vote imminent on Trump-backed bill to avoid government shutdown

Next Post

Malls are using new restaurants to draw consumers as shopping centers reinvent themselves

Next Post
Malls are using new restaurants to draw consumers as shopping centers reinvent themselves

Malls are using new restaurants to draw consumers as shopping centers reinvent themselves

  • Trending
  • Comments
  • Latest
Trump’s exaggerated claim that Pennsylvania has 500,000 fracking jobs

Trump’s exaggerated claim that Pennsylvania has 500,000 fracking jobs

October 24, 2024
Buy Bitcoin Under $100K Before The Next Bull Run

Buy Bitcoin Under $100K Before The Next Bull Run

April 22, 2025
Trump asks Supreme Court for urgent ruling on tariff powers as ‘stakes could not be higher’

Trump asks Supreme Court for urgent ruling on tariff powers as ‘stakes could not be higher’

September 4, 2025
Bitcoin Nears $85K Amid Market Optimism

Bitcoin Nears $85K Amid Market Optimism

April 21, 2025
Senate reaches temporary truce to end record shutdown, but January battle looms

Senate reaches temporary truce to end record shutdown, but January battle looms

0
Wendy’s will offer $3 breakfast deal, as rivals such as McDonald’s test value meals to drive sales

Wendy’s will offer $3 breakfast deal, as rivals such as McDonald’s test value meals to drive sales

0
Amal Clooney played key role in ICC arrest warrants for Netanyahu, Hamas leaders

Amal Clooney played key role in ICC arrest warrants for Netanyahu, Hamas leaders

0
Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon Gekko, dead at 87

Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon Gekko, dead at 87

0
Senate reaches temporary truce to end record shutdown, but January battle looms

Senate reaches temporary truce to end record shutdown, but January battle looms

November 11, 2025
Democrats, left empty-handed in shutdown, turn fury on Schumer

Democrats, left empty-handed in shutdown, turn fury on Schumer

November 11, 2025
Likely end of government shutdown in sight as House lawmakers poised to clear final hurdles

Likely end of government shutdown in sight as House lawmakers poised to clear final hurdles

November 11, 2025
Top House committee chairman reveals he won’t seek re-election in 2026

Top House committee chairman reveals he won’t seek re-election in 2026

November 11, 2025
Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent News

    Senate reaches temporary truce to end record shutdown, but January battle looms

    Senate reaches temporary truce to end record shutdown, but January battle looms

    November 11, 2025
    Democrats, left empty-handed in shutdown, turn fury on Schumer

    Democrats, left empty-handed in shutdown, turn fury on Schumer

    November 11, 2025
    Likely end of government shutdown in sight as House lawmakers poised to clear final hurdles

    Likely end of government shutdown in sight as House lawmakers poised to clear final hurdles

    November 11, 2025
    Top House committee chairman reveals he won’t seek re-election in 2026

    Top House committee chairman reveals he won’t seek re-election in 2026

    November 11, 2025

    Top News

    Senate reaches temporary truce to end record shutdown, but January battle looms

    Senate reaches temporary truce to end record shutdown, but January battle looms

    November 11, 2025
    Democrats, left empty-handed in shutdown, turn fury on Schumer

    Democrats, left empty-handed in shutdown, turn fury on Schumer

    November 11, 2025

    Latest News

    • Senate reaches temporary truce to end record shutdown, but January battle looms
    • Democrats, left empty-handed in shutdown, turn fury on Schumer
    • Likely end of government shutdown in sight as House lawmakers poised to clear final hurdles

    About Trade Masters Chronicle

    • About us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 TradeMastersChronicle.com. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Latest News

    Copyright © 2025 TradeMastersChronicle.com. All Rights Reserved.