Biden Signs US Spending Deal That Averts a Government Shutdown
Published On Dec 21, 2024, 11:16 AM
President Biden signed legislation to fund the U.S. government until mid-March 2025, averting a year-end shutdown. The Senate approved the deal with an 85-11 vote, which includes over $100 billion in aid for disaster recovery and support for farmers. This decision follows pressure from former President Trump and business mogul Elon Musk, who influenced a revised funding package in recent days. With the legislative agreement, federal operations will continue without interruption, while Congress prepares for upcoming leadership changes and fiscal negotiations under the new administration.
Stock Forecasts
SPY
Positive
Given the bipartisan agreement to avoid a government shutdown and the inclusion of significant funding for disaster relief, this could lead to increased investor confidence in stability and government operations. Sectors likely to benefit include infrastructure and agriculture, where the investment could stimulate growth and operations. Moreover, the agreement reflects a level of compromise that could lead to smoother transitions in fiscal policy amid the incoming administration.
Related News
Capitalist Pig hedge fund manager Jonathan Hoenig explains why 'buying the dip' is not always a good investmen
Trump was poised to inherit a strong economy. Then things got rocky and he added to the uncertainty
Dec 20, 2024, 2:09 PM
The smooth economy that Donald Trump was poised to inherit suddenly looks a bit rockier — with critics saying the president-elect is contributing to the uncertainty. The Federal Reserve now sees inflation as staying stubbornly elevated as it has become cautious about further interest rate cuts planned for next year. On Wednesday, Trump blew up a bipartisan budget deal, which means the government could shut down after midnight Saturday.
Powell’s Battle-Ready Fed Gives the Trump Trade a Stress Test
Dec 20, 2024, 4:32 PM
(Bloomberg) -- A month ago, all anyone in markets could talk about was Donald Trump and how his blueprint for the US economy would sow growth, next year and beyond.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisThe Architects Who Built MiamiReviving a Little-Known Modernist Landmark in BuffaloNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets as Saharan Dust Descends on SenegalHeading into the Christmas br