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World News September 29, 2023

U.S. Senate’s proposed stopgap funding measure unlikely to advance in House: Speaker McCarthy

U.S. House Speaker Kevin McCarthy stated that the Senate’s proposed short-term funding bill is unlikely to pass in the House, making a federal government shutdown increasingly likely. The Senate’s bill aims to fund the government until November 17, maintaining current funding levels. It includes $6.1 billion for Ukraine and $6 billion in disaster relief. House Republicans, particularly conservative members, oppose the aid for Ukraine and seek deeper spending cuts. They also want border security provisions included. Senate Majority Leader Chuck Schumer criticized McCarthy for catering to the hard right, while describing the bill as a temporary solution to allow for further negotiations. The Senate voted 77-19 in favor. McCarthy plans to present an alternative bill including border security provisions, but with no aid for Ukraine. The government shutdown could impact the economy if the deadlock persists, affecting federal workers and reducing spending. It may also impact America’s credit rating. Moody’s currently rates the U.S. as “Aaa” with a stable outlook.

Source – CGTN

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