Connect with us

Hi, what are you looking for?

Investing

Conservatives revolt against Johnson-Schumer deal to avoid government shutdown: ‘Worse than we thought’

Republican hardliners in the House of Representatives are pushing back against the bipartisan deal struck on Sunday aimed at avoiding a government shutdown.

The conservative House Freedom Caucus led the revolt against Speaker Mike Johnson, R-La., and Senate Majority Leader Chuck Schumer’s agreement on Sunday evening, recirculating a late December memo that said any funding topline higher than $1.59 trillion would be ‘totally unacceptable.’

‘It’s even worse than we thought,’ the group posted on X. ‘Don’t believe the spin. Once you break through typical Washington math, the true total programmatic spending level is $1.658 trillion — not $1.59 trillion.’

The statement called the deal a ‘total failure.’

Previous GOP rebellions in the spending fight have seen conservative lawmakers intentionally tank their own party’s procedural votes, effectively delaying government funding bills from getting to the floor.

But Congress is working on a major time crunch, with federal funding expiring for some agencies on Jan. 19 and all others on Feb. 2. 

They’re also operating on a two-seat majority for most of this month, after Majority Leader Steve Scalise, R-La., announced Friday that he would be recovering from cancer-related treatment for most of January.

That means House leadership will likely have to put any spending bills up under suspension, which would bypass the procedural hurdle but raise the threshold for passage to two-thirds of the chamber rather than a simple majority.

It’s all but assured that any final appropriations bills will need Democratic support to pass the House.

Both Reps. Marjorie Taylor Greene, R-Ga., and Tim Burchett, R-Tenn., said they were against the agreement.

‘I’m currently a no,’ Burchett said on Fox Report. ‘I’d like to see some real cuts…and maybe cut back on all the…spending that we’ve been doing. And until we do that, we are we are falling off a fiscal cliff.’

Greene wrote on X, ‘I am a NO to the Johnson Schumer budget deal. This $1.6 Trillion dollar budget agreement does nothing to secure the border, stop the invasion, or stop the weaponized government targeting Biden’s political enemies and innocent Americans. So much for the power of the purse!’

Johnson and Schumer, D-N.Y., both claimed victory when announcing they had agreed on what level to fund the government at for the remainder of fiscal year 2024. Their plan would set a statutory topline of $1.59 trillion, the same level Schumer set with ex-Speaker Kevin McCarthy, R-Calif., as part of negotiations to raise the debt limit last spring. 

The updated plan would also factor in most of a $69 billion side deal made between McCarthy and President Biden. Johnson said he negotiated an added $16 billion in spending cuts this year to offset that.

Rep. Chip Roy, R-Texas, on X called the agreed-upon spending level ‘terrible,’ adding that it ‘gives away the leverage accomplished in the (already not great) caps deal’ between McCarthy and Biden, the Fiscal Responsibility Act.

But a GOP aide pushed back against that notion on Sunday night, telling Fox News Digital, ‘This deal has the same levels of spending as the [Fiscal Responsibility Act] deal except with billions more in cuts. Republicans put the screws to Democrats one more time.’

The House is formally back from the holidays on Jan. 9.

This post appeared first on FOX NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    The Senate is expected to send a temporary spending package known as a Continuing Resolution (CR) to the White House, averting a government shutdown before...

    Investing

    Sen. Tommy Tuberville’s, R-Ala., colleagues pleaded on the Senate floor early Thursday morning – from midnight until nearly 4 a.m. – to drop his objection to...

    Latest News

    A bipartisan ethics report concludes there is “substantial evidence” that George Santos violated federal criminal laws, which will almost certainly trigger another attempt to...

    Editor's Pick

    Helium Evolution Incorporated (TSXV:HEVI) (‘ HEVI ‘ or the ‘ Company ‘), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan,...

    Disclaimer: Goldenliontraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 Goldenliontraders.com