Speaker Johnson Lays Down for Chuck Schumer on the Budget

Here's how I view this:

There is no point in becoming angry about things you don't have the capacity to change. That's why the left experiences so much more mental illness than non-leftists: They are indoctrinated to be angry and upset about everything, even... the weather.

There is zero chance that a Republican will ever take a risk on a shutdown before an election. Zero point zero zero percent chance.

So, Johnson made a deal. We all knew this would happen, we all know there is nothing we can do or say to put some backbone into these people, so there's no point becoming emotionally invested in this Planned Failure.

Just lodge one's objection and move on. Not because they deserve leniency, but because we all deserve to be mentally healthy.

Republican House Speaker Mike Johnson and Democrat Senate Leader Chuck Schumer announced a deal on government funding to prevent a shutdown.

Key Details

Bipartisan Breakthrough: Speaker Johnson and Leader Schumer unveil a deal to fund the government through the fiscal year, averting a potential shutdown.

Homeland Security Funding: Negotiations culminated with an agreement on Department of Homeland Security funding, amid heightened border security debates.

Budget Priorities at Odds: The $1.66 trillion funding package arrives as President Biden and House Republicans outline sharply contrasting fiscal plans for the upcoming year.

Diving Deeper

House Speaker Mike Johnson (R-La.) and Senate Majority Leader Chuck Schumer (D-N.Y.) announced a significant breakthrough in congressional deadlock on Tuesday. This agreement, pivotal in keeping the U.S. government operational through the current fiscal year, marks a critical juncture in the intricate dance of American politics, especially under the looming shadow of a potential government shutdown by the weekend.

The focal point of recent negotiations, the Department of Homeland Security's funding, highlights the entrenched political battle over immigration policies and border security--a central theme in the ongoing electoral contest between President Joe Biden and former President Donald Trump. As issues of illegal immigration continue to polarize the American electorate, this agreement signals a temporary truce in a fiercely contested arena.

The legislation, encompassing approximately three-quarters of discretionary government spending and totaling an estimated $1.66 trillion, underscores the vast scale of federal operations, from defense to domestic programs such as transportation, housing, and food safety. Yet, as the nation's $34.5 trillion national debt looms larger, this package also sets the stage for future fiscal battles, reflecting the divergent visions of America's fiscal future presented by Biden and House Republicans.

Notably, the agreement sidesteps the contentious issue of foreign security aid, including critical funding for Ukraine amidst its conflict with Russia.

GOP fiscal hawks are castigating Johnson.

House conservatives are criticizing Speaker Mike Johnson's latest spending deal, accusing him of ignoring their demands and warning of the potential for future generations to be burdened with federal debt. This outcry is the latest challenge for Johnson, who has already negotiated several bipartisan funding deals with President Biden.

...

Even without the specifics, conservatives were quick to bash the deal, which encompasses funding for roughly three-quarters of the federal government, taking aim at the process that brought it about. The criticism echoes what a group of 43 conservatives voiced in a letter Monday, calling on their GOP colleagues to reject the appropriations package if it lacks conservative border security policy that hard-liners have pushed for all Congress.

Barely related: Barclays predicts a strengthening of the buying power of a dollar by 3% if Trump is re-elected for the second time.

In a recent note to clients, strategists from Barclays Plc, including Themistoklis Fiotakis, have analyzed the potential financial implications of a second term for former President Donald Trump. The key takeaway: a robust 3% rally in the US dollar.

The forecast is rooted in Trump's policy leanings, particularly in trade, fiscal matters, and international relations. One of Trump's hallmark policies, the imposition of tariffs, especially on Chinese imports, is a central factor in this projection. Barclays suggests that Trump's approach, including extending tax cuts from his first term and contemplating reduced support for NATO, signals a significant shift from traditional policies. This could, in turn, bolster the dollar.

The strategists highlight a scenario where a 10% tariff on all goods entering the US, if unreciprocated, could lead to a 2-3% increase in the dollar's effective exchange rate. Additionally, Barclays anticipates a 1-1.5% rise in the dollar for every additional 1% increase in US GDP. The forecast also suggests that a weaker commitment to NATO could result in a stronger dollar due to increased risk premiums in other currencies, particularly in Europe.

posted by Disinformation Expert Ace at 03:14 PM

| Access Comments