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Reading: Trump-backed GOP Funding Plan Fails in Home as Shutdown Looms
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StockWaves > Financial News > Trump-backed GOP Funding Plan Fails in Home as Shutdown Looms
Financial News

Trump-backed GOP Funding Plan Fails in Home as Shutdown Looms

StockWaves By StockWaves Last updated: December 20, 2024 3 Min Read
Trump-backed GOP Funding Plan Fails in Home as Shutdown Looms
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December 20, 2024December 20, 2024



The Republican-led Home rejected a short lived funding plan backed by President-elect Donald Trump on Thursday, simply 24 hours earlier than a possible US authorities shutdown.

Trump and adviser Elon Musk pressured GOP lawmakers to reject a bipartisan deal, demanding a provision on elevating or waiving the federal debt restrict earlier than Trump’s inauguration.

The funding invoice failed by 235-174 votes, with 38 Republicans opposing it. Most Democrats additionally voted towards it, which might have suspended the debt ceiling for 2 years.

Home Speaker Mike Johnson pledged to seek out one other answer after the vote, whereas Musk blamed Democrats for the invoice’s failure.

The White Home known as the invoice a “giveaway for billionaires,” and Democrats criticised it as pushed by excessive MAGA Republicans.

With out motion, authorities funding will lapse on Friday night time, with the Trump-backed plan setting a 14th March funding deadline.

Some Republicans, together with Consultant Chip Roy, opposed the invoice, criticising the extension of the debt ceiling and the potential $5 trillion debt enhance.

Trump backed Musk’s objections and urged lawmakers to reject the invoice on social media.

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