U.S. Senate on track to pass stopgap spending bill, averting shutdown

Published 14/03/2025, 12:12
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect

Investing.com -- The U.S. Senate was prepared to pass a stopgap spending bill on Friday, thereby preventing a partial government shutdown. The Democrats, who had previously voiced their opposition due to their concern over President Donald Trump’s efforts to reduce the federal workforce, decided to support the bill.

Earlier this week, the Republican-majority House of Representatives passed the measure. The bill will keep spending levels nearly unchanged at approximately $6.75 trillion for the fiscal year ending September 30.

Democrats were displeased with the bill, which would reduce spending by around $7 billion. They argued that the bill does not prevent Trump’s campaign, led by Elon Musk, to halt congressionally mandated spending and eliminate tens of thousands of jobs.

The bill’s passage comes amidst a trade war initiated by Trump with some of the U.S.’s closest allies. This has triggered a significant sell-off in stocks and raised concerns about a potential recession.

The leading Senate Democrat, Chuck Schumer, expressed his dislike for the bill but acknowledged that a government shutdown would be a "far worse option." Schumer stated that a shutdown would allow Trump and Musk to dismantle essential government services at a much faster rate than currently possible.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.