US House Republicans plan shutdown-averting measure amid credit warning

US House Republicans plan shutdown-averting measure amid credit warning

U.S. House of Representatives Republicans are planning to release a stopgap measure to prevent a partial government shutdown following the downgrade of the government’s credit ratings by Moody’s. The release of the continuing resolution, or “CR,” is still uncertain, and its form is yet to be determined.

U.S. House Speaker Mike Johnson has been engaged in discussions with members of the Republican majority about various CR options. Both the Republican-controlled House and the Democratic-led Senate need to agree on a solution that President Joe Biden can sign into law before the current funding expires on November 17.

Moody’s decision to lower the credit outlook was influenced by political polarization in Congress. The agency expressed concerns that Washington may struggle to reach an agreement to address its growing deficits and make them more manageable.

Last year, the U.S. recorded a $1.7 trillion deficit, the largest since the peak of the COVID-19 pandemic. With rising interest rates, the cost of servicing the debt will continue to rise.

Just a few months ago, Congress came close to defaulting on the U.S. debt, which would have had severe consequences for global financial markets.

As the potential shutdown looms, some Republicans are advocating for a “clean” CR that would extend until mid-January without any spending cuts or conservative policy riders that Democrats oppose.

However, hardline conservatives are pushing for a measure that includes spending cuts, tighter security at the U.S.-Mexico border, and an unconventional structure with staggered deadlines for different segments of the federal budget.

Many lawmakers warn that a prolonged partisan dispute over a stopgap measure could hinder Congress from averting a shutdown.

While House Republicans consider their options, Senate Majority Leader Chuck Schumer has taken an initial procedural step to advance his own stopgap measure.

Reporting by David Morgan; Editing by Daniel Wallis and Grant McCool

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

Have a tip we should know?

Most Read

  1. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    3 years ago
  2. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    3 years ago
  3. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    3 years ago
    Women’s Demand for Shapewear – the big Trends
    3 years ago
    Valentino Launches its Cosmetics Line
    3 years ago
  6. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    3 years ago
  7. Health
    UK Offers Aid Amid Surging COVID-19 Cases in India
    3 years ago
  8. Sports
    Thousands of fans welcome Charlton funeral cortege at Old Trafford
    8 months ago
  9. News
    Brit left fighting for life after train derails in Argentinia
    8 months ago
    Dubai faces down airline rivals with $50 bln jet orders
    8 months ago
  11. Sunak
    UK’s Sunak brings back Cameron, sacks Braverman
    8 months ago
  12. Sports
    Man United’s Hojlund, Eriksen withdrawn from Denmark team duty
    8 months ago
  13. Health
    Autumn Sneezing Syndrome is on the rise… here’s what you can do
    8 months ago
  14. Canada
    Canada beat Italy to win Billie Jean King Cup for first time
    8 months ago

Follow @rushhourdaily: