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Business & Economy
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The House on Friday will try again to avert a government shutdown, holding a vote on a revamped spending package that excludes the debt limit hike initially demanded by President-elect Trump.
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The package would fund the government at current levels through March 14, extend the farm bill by one year and appropriate billions of dollars in disaster aid and assistance for farmers.
The same provisions were included in Speaker Mike Johnson’s (R-La.) plan B proposal that failed on the House floor Thursday night.
Without congressional action, large parts of the federal government would shut down just after midnight.
Johnson emerged from a tense two-hour GOP conference meeting in the Capitol basement with less than eight hours to go until the deadline to announce the developments and vow there would be no shutdown.
“There is a unanimous agreement in the room that we need to move forward,” he told reporters.
“We will not have a government shutdown,” he continued. “And we will meet our obligations for our farmers who need aid, for the disaster victims all over the country, and for making sure that military and essential services and everyone who relies upon the federal government for a paycheck gets paid over the holidays.”
The House is expected to start voting on the bill between 5 and 5:30 p.m. ET.
The Hill’s Mychael Schnell, Mike Lillis and Emily Brooks have more here.
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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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Did someone forward you this newsletter? Subscribe here.
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- The Business & Economy newsletter will be taking a break next week, but we’ll be back in your inbox on Dec. 30! Happy Holidays!
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Key business and economic news with implications this week and beyond:
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Democrats pledge to work through Christmas on funding to rebuff Trump’s demands
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Senate Appropriations Committee Chair Patty Murray (D-Wash.) said Friday she’s ready to stay in Washington “through Christmas” to fight off President-elect Trump’s demand to strip negotiated provisions out of a bill to fund the government into 2025.
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Watchdog accuses Zelle, banking giants of failing to protect users against fraud
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The government’s consumer watchdog alleged Zelle and three banking giants failed to protect users from fraud on the peer-to-peer payment network.
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Biden canceling student loan debt for 55K public service workers
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President Biden announced on Friday he would be canceling more student debt for tens of thousands of public service workers, possibly his last major move on the issue before leaving office in a month.
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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Congress is hurtling toward a midnight funding deadline to pass legislation to keep the government open or risk a shutdown.
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Branch out with more stories from the day:
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Stock market today: Wall Street rises to turn a dismal week into just a bad one
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NEW YORK (AP) — U.S. stocks rose Friday to turn what would have been one of the market’s worst weeks …
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Business and economic news we’ve flagged from other outlets:
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Thousands of Amazon drivers have gone on strike in the thick of the holiday package season (CNN)
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Alabama profits off prisoners who work at McDonald’s but deems them too dangerous for parole (The Associated Press)
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Top stories on The Hill right now:
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Live coverage: House to vote at 5 pm on new effort to prevent shutdown
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The House is poised to vote on a measure to keep the government funded past Friday night’s midnight shutdown deadline. Read more
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Cavuto ‘not leaving journalism’: ‘I’m just leaving here’
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Former Fox News host Neil Cavuto, who recently announced his departure from the network after 28 years, said he wasn’t leaving the industry. Read more
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Opinions related to business and economic issues submitted to The Hill:
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A pragmatic antitrust vision for the new administration
- Trump is wrong: Raising tariffs won’t fix the trade deficit
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You’re all caught up. See you Dec. 30!
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