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


December, 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 is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.