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Business & Economy
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Business & Economy
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Johnson weighs plan B amid funding backlash
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Speaker Mike Johnson (R-La.) is weighing an alternative plan to fund the government before the shutdown deadline on Friday after Republicans inside and outside the Capitol slammed the spending package.
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The House on Tuesday released a 1,500-page spending package negotiated by congressional leaders that included disaster aid and economic assistance for farmers.
But late Wednesday afternoon, President-elect Trump and Vice President-elect Vance slammed the bipartisan bill and called for a “streamlined” spending stopgap combined with an increase in the debt ceiling.
“Increasing the debt ceiling is not great but we’d rather do it on Biden’s watch. If Democrats won’t cooperate on the debt ceiling now, what makes anyone think they would do it in June during our administration?” Trump and Vance said in a statement. “Let’s have this debate now. And we should pass a streamlined spending bill that doesn’t give Chuck Schumer and the Democrats everything they want.”
They added, “Republicans want to support our farmers, pay for disaster relief, and set our country up for success in 2025. The only way to do that is with a temporary funding bill WITHOUT DEMOCRAT GIVEAWAYS combined with an increase in the debt ceiling. Anything else is a betrayal of our country.”
Elon Musk, who has spent considerable time with Trump since his election, wrote on X that any lawmaker “who votes for this outrageous spending bill deserves to be voted out in 2 years!”
Now Johnson is considering a “clean” continuing resolution, two sources told The Hill. The Speaker’s office declined to comment.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The Federal Reserve cut interest rates by a quarter of a percentage point Wednesday, in line with market expectations, even as inflation has reaccelerated over the past two months.
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The stock market closed with steep losses Wednesday after the Federal Reserve cut interest rates but projected higher borrowing costs and steeper inflation for 2025.
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Democratic senators launched an inquiry Wednesday into President-elect Trump’s nominee for IRS commissioner, former Rep. Billy Long (R-Mo.).
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Tech mogul Elon Musk continued his tirade against the newly unveiled end-of-year funding deal Wednesday, calling for any lawmaker who supports the continuing resolution to be voted out of office.
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Upcoming news themes and events we’re watching:
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- The government shutdown deadline is Friday, Dec. 20.
- The personal consumption expenditure (PCE) index for November drops Friday morning at 8:30 a.m. ET.
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Branch out with more stories from the day:
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WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its …
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Business and economic news we’ve flagged from other outlets:
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- Johnson has a huge new problem: Elon Musk (Politico)
- Hidden ticket fees and vacation rental charges banned in America (CNN)
- How rich musicians billed American taxpayers for luxury hotels, shopping sprees, and million-dollar bonuses (Business Insider)
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Top stories on The Hill right now:
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The Senate is plowing forward with consideration of the Social Security Fairness Act, clearing its first procedural hurdle on what supporters hope is a path to passage later this week. Read more
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President-elect Trump and Vice President-elect Vance on Wednesday called for Republicans to approve a clean stopgap funding bill paired with a hike to the debt ceiling, saying the previous government-funding measure negotiated by Speaker Mike Johnson (R-La.) should be torpedoed. Read more
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You’re all caught up. See you tomorrow!
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