On Wednesday, House Republicans rejected Speaker Mike Johnson's proposed spending bill that would have extended federal funding until March 14 and averted a government shutdown.
The Details: President-elect Donald Trump and Elon Musk joined a large portion of House GOP members in opposing the compromise bill which included numerous Democratic policy priorities.
Read Next: Trump Administration Could Ban Amazon’s Top-Selling Routers Linked To Chinese Cyberattacks: Report
Some of the Republican-contested late additions from Democrats included a pay raise for members of Congress, new regulations for health plan administrators and federal funds to rebuild the collapsed Francis Scott Key Bridge. The provisions were added after Johnson opened the door with a last-minute addition of $10 billion in aid for farmers.
Trump and Vice President-elect JD Vance blasted the proposed spending bill on Wednesday afternoon in a statement posted on social media.
Musk actively criticized the bill on his social media platform X throughout the day on Wednesday. He also posted victoriously on the platform after the bill was rejected.
What's Next: Johnson, a Republican from Louisiana, has not outlined a backup plan and the next step remains unclear, according to sources familiar with the discussions, per the Washington Post. Most federal operations would shut down at 12:01 a.m. Saturday if Congress does not pass a bill to extend the deadline.
Read Next:
This image was generated using artificial intelligence via Dall-E 3.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.