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A shutdown on the horizon: Congress rejected Trump's budget plan


Décembre, 20 2024
watermark Economic news

The budget spending bill proposed by Donald Trump failed in the U.S. House of Representatives on December 19. A significant number of Republicans opposed, leaving Congress without a plan to prevent a shutdown. 


This result exposed internal contradictions in the Trump party, which could worsen next year when Republicans control the White House and both houses of Congress.


Trump insisted on adopting the document by January 20, but the conservative wing of the party refused to support it. The bill was rejected by 174 votes to 235 a few hours later after an emergency attempt by Republican leaders to advance it. The previous bipartisan agreement broke down when Trump and Elon Musk opposed it on Wednesday, December 18.


House Speaker Mike Johnson did not specify further steps, only saying that another solution would be found. The document provided for the extension of financing until March 2025 and the suspension of the limitation of the US national debt until January 2027. In November, the national debt exceeded $36 trillion for the first time.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.