McCarthy riles up House GOP in Biden govt shutdown

TL;DR Breakdown

  • House Speaker Kevin McCarthy confronts GOP members over federal spending disagreements.
  • McCarthy faces threats from critics demanding a $120 billion cut from the previously agreed budget with President Biden.
  • The House remains in session until a spending agreement is reached to prevent a government shutdown after September 30th.

Description

Kevin McCarthy, the U.S. House Speaker, showed exasperation as he confronted fellow Republicans in a dramatic standoff concerning federal spending. His message was clear – there’s no winner if the government faces a shutdown. Yet, this looming crisis underscores the deep fissures within the Republican Party, as members grapple with budgetary challenges and pressures from … Read more

Kevin McCarthy, the U.S. House Speaker, showed exasperation as he confronted fellow Republicans in a dramatic standoff concerning federal spending. His message was clear – there’s no winner if the government faces a shutdown.

Yet, this looming crisis underscores the deep fissures within the Republican Party, as members grapple with budgetary challenges and pressures from different factions.

Intense Closed-Door Confrontations

The tension reached its peak in a closed-door party gathering. There, McCarthy, addressing his critics, emphasized the need for compromise rather than threats.

These critics, holding staunch views on reduced federal spending, have threatened to challenge McCarthy’s leadership unless spending for the upcoming fiscal year is slashed by a hefty $120 billion. This proposed reduction is in stark contrast to the agreement made between McCarthy and President Joe Biden earlier in May.

Representative Brian Mast voiced his frustrations with the impasse, urging those ready to challenge leadership to move forward without stalling everyone’s work.

Such confrontations highlight the strenuous path McCarthy had to tread, reminding many of the grueling 15 votes he faced in January to secure the speakership position. A major concession back then was permitting a single lawmaker to call for a leadership challenge, a decision that’s now haunting him.

The specter of division doesn’t end here. McCarthy, a stalwart from California, asserted that the House of Representatives won’t be adjourned until there’s a consensus on the legislation, which would ensure federal agencies continue operating post-September 30th. This steely determination reflects McCarthy’s stand: “Nobody wins in a government shutdown.”

While he’s committed to averting a last-minute scramble, McCarthy hinted at employing a short-term measure, known commonly as a continuing resolution.

This tactic aims to buy more negotiation time for a comprehensive appropriations bill. Though exact timings remain uncertain, such a step could extend government operations anywhere from 30 to 60 days.

But as McCarthy and like-minded leaders seek solutions, hardline conservatives are pushing back. Just a day prior, an $886 billion defense appropriations bill faced withdrawal due to demands from these hardliners.

They demand stringent policy riders, notably on border security, and a commitment to slash overall spending to 2022’s $1.47 trillion mark.

Senate Progress Amidst House Stalemates

In contrast to the gridlock in the House, the Senate showcased some progress. Lawmakers there advanced their first package of spending bills with an impressive 91-7 vote. But back in the House, members of the hardline House Freedom Caucus perceive a shutdown as a tool to make the Republicans accede to their spending goals. Representative Ralph Norman, a key figure in the Caucus, noted that a shutdown seems inevitable; the real question is its duration.

However, this brinkmanship approach finds little favor among moderate Republicans. Many, like Representative Don Bacon, deem a shutdown short-sighted and imprudent. As opinions divide, the broader question remains: can both the Republican-majority House and Democratic Senate find common ground before the October 1 deadline?

As the clock ticks, there’s more at stake than just internal GOP politics. The nation watches closely, remembering the three shutdowns in the past decade. External observers, too, are wary. The Fitch rating agency, for instance, demoted U.S. debt due to the political games that often threaten the government’s fiscal commitments.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:McCarthy riles up House GOP in Biden govt shutdown

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月15日 16:01
Next 2023年9月15日 17:02

Related articles

  • Phantom introduces “Sign In With Solana” feature, enhancing user experience and security

    TL;DR Breakdown Phantom, a leading wallet on Solana, has launched the “Sign In With Solana” (SIWS) feature, allowing a one-click sign-in method to authenticate users, improving user experience and security. The company collaborated with Solana Labs to ensure compatibility with the Solana Wallet Standard, and the new feature supports standardization across the Solana ecosystem, with mobile support planned for the near future. Description Phantom, the most widely used wallet on Solana, has launched a “Sign In With Solana” (SIWS) feature, allowing applications to authenticate users using just a Solana address. This new one-click “signIn” method is designed to improve the user experience and security by replacing the traditional two-step authentication process with a single-click method. Traditionally, users connecting … Read more Phantom, the most widely used wallet on Solana, has launched a “Sign In With Solana” (SIWS) feature, allowing applications to authenticate users using just a Solana address. This new one-click “signIn” method is designed to improve the user experience and security by replacing the traditional two-step authentication process with a single-click method. Traditionally, users connecting their wallets to major…

    Article 2023年8月23日
  • Ripple visibility boosted in Australia as BTC Markets introduce XRP/USDT pair

    TL;DR Breakdown BTC Markets, Australia’s leading crypto exchange, has added a new XRP/USDT trading pair to its platform. The introduction of this USDT pair marks a significant shift from the traditional AUD and BTC pairs offered by BTC Markets since its 2013 inception. XRP, with a dominant position in BTC Markets, contributes to over half of the exchange’s trade volumes. Australia’s leading cryptocurrency exchange, BTC Markets, has recently expanded its trading offerings. This expansion came as a new XRP/USDT trading pair. This development will likely increase XRP’s visibility in the Australian crypto landscape. Additionally, it offers a new trading option for BTC Markets’ users. Since its establishment in 2013, BTC Markets has traditionally offered AUD and BTC trading pairs. However, this addition of a USDT pair represents a significant shift. Notably, XRP is among the few cryptocurrencies to have a USDT pairing. This could be because XRP claims a dominant position in BTC Markets. XRP contributes to more than half of the trade volumes in BTC Markets. Specifically, the XRP/AUD pair accounts for 56.39% of all trade volumes. This percentage…

    Article 2023年6月17日
  • Changzhou’s cashless revolution: $700k in digital yuan tokens & coupons await

    TL;DR Breakdown Changzhou, China, is launching a citywide shopping festival to promote digital yuan adoption. The festival will distribute 700,000 digital yuan tokens and coupons to residents and visitors. The giveaways encourage locals to embrace the digital yuan and its benefits. Description Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of … Read more Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of luck and tradition into the celebrations, Changzhou will adopt a familiar concept: the “lucky red envelopes.” Historically associated with offline Christmas gifts, these digital counterparts…

    Article 2023年7月18日
  • Ripple predicts US banks flocking to XRP after SEC battle

    TL;DR Breakdown Blockchain startup Ripple expects U.S. banks to show interest in adopting XRP for cross-border payments following a favorable court ruling. The ruling stated that XRP is not inherently a security, rejecting part of the SEC’s claims. The blockchain company anticipates discussing its On-Demand Liquidity (ODL) product, which uses XRP for money transfers, with U.S. financial firms. Description The cryptocurrency landscape in the United States has recently undergone a significant shift following a recent court ruling in favor of the blockchain startup, Ripple. This verdict has established a new precedent, effectively asserting that Ripple’s digital token, XRP, is not inherently a security. This crucial finding has paved the way for the company to … Read more The cryptocurrency landscape in the United States has recently undergone a significant shift following a recent court ruling in favor of the blockchain startup, Ripple. This verdict has established a new precedent, effectively asserting that Ripple’s digital token, XRP, is not inherently a security. This crucial finding has paved the way for the company to regain its foothold in the American market, with…

    Article 2023年7月18日
  • Aave price analysis: Bulls seek new support below $63 in extended downtrend

    TL;DR Breakdown The Aave price analysis for today points to a bearish market. The price has been pushed down to $63.49. Can bulls locate alternative support to substitute for $64? Today’s Aave price analysis suggests a persistently bearish scenario. The ongoing circumstances continue to favor the bears, with the price steadily declining. Presently, Aave is valued at $63.49, and there are indications that it may further descend in the near future. Such a development could potentially exacerbate the already significant decline in the cryptocurrency market. Nevertheless, there are discernible signs of support at approximately $62.22, as evidenced by the price rebounding after briefly touching this level earlier today. AAVE/USD 1-day price chart: Price dips below $64, intensifying challenges for sellers The 1-day price chart for Aave price analysis indicates a bearish trend, with the price levels continuing to decline. Today, the price has even breached the crucial support level of $64, further intensifying the downward movement. At present, the AAVE/USD price is positioned at $63.49 and is anticipated to venture into a lower range in the near future. It is…

    Article 2023年5月27日
TOP