Placeholder canvas
6.5 C
London
Tuesday, March 5, 2024
HomeFinance NewsRepublicans' refusal of funding bill leads to imminent US government shutdown.

Republicans’ refusal of funding bill leads to imminent US government shutdown.

Date:

Related stories

Bird’s eye view of large plant fire in Macomb County.

A massive fire broke out at a distribution plant...

Spotify praises $2 billion EU fine on Apple for stifling streaming services.

Apple was fined €1.8 billion ($1.95 billion) for anti-competitive...

China aims for economic growth target around 5% in coming year.

China's top leaders have set an ambitious growth target...

The Significance of Super Tuesday: What You Need to Know

Super Tuesday, the pivotal day in the 2024 White...
spot_img

Hardline Republicans in the U.S. House of Representatives have rejected a bill proposed by their leader that would temporarily fund the government, setting the stage for a partial government shutdown. The bill, which aimed to fund the government for 30 days and include spending cuts and immigration and border security restrictions, was unlikely to pass the Democratic-controlled Senate. Meanwhile, the Senate has been advancing a similar bill to fund the government through November 17 on a bipartisan basis. This rejection by hardline Republicans raises concerns about the potential economic impact and delays in key programs and infrastructure improvements.

The National Park Service and the Securities and Exchange Commission are among the federal agencies that will be affected by the shutdown, along with up to 4 million federal workers. U.S. Treasury Secretary Janet Yellen has warned that a government shutdown would undermine economic progress and potentially delay important infrastructure projects. This would be the fourth government shutdown in a decade, and it comes just months after a similar standoff over the nation’s debt. The repeated political brinkmanship has raised concerns about the nation’s creditworthiness and has been criticized for neglecting the needs of the armed forces.

House Speaker Kevin McCarthy, who supported the rejected bill, vowed to continue pursuing alternatives but did not disclose his specific ideas. The House Republican bill had aimed to pressure hardline holdouts into supporting it, while Democrats criticized it for the potential cuts in benefits for disadvantaged groups and resources for wildfires. The fight over funding and spending focuses on a small portion of the overall U.S. budget for this fiscal year and does not include popular benefit programs like Social Security and Medicare. The ongoing Republican civil war and the threat of ousting McCarthy has further complicated the appropriations process and frustrated lawmakers from both parties.

Source link

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here