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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.
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