• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Senate GOP lawmakers bash $1.66 trillion Johnson-Schumer budget agreement: ‘Can and must do better’
Economy

Senate GOP lawmakers bash $1.66 trillion Johnson-Schumer budget agreement: ‘Can and must do better’

by January 9, 2024
by January 9, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp
Read this article for free!
Plus get unlimited access to thousands of articles, videos and more with your free account!
Please enter a valid email address.
By entering your email, you are agreeing to Fox News Terms of Service and Privacy Policy, which includes our Notice of Financial Incentive. To access the content, check your email and follow the instructions provided.

Several GOP senators, in alignment with House Republicans, expressed outrage over the agreed-upon annual government spending cap of $1.59 trillion brokered between House Speaker Mike Johnson and Senate Majority Leader Chuck Schumer over the weekend. 

Lawmakers argued Monday that this figure neglects ample Republican suggestions for budget cuts. Meanwhile, the first spending deadline is fast approaching on Jan. 19. That means there are just eight legislative days until Congress must pass the first batch of appropriations to fund several federal agencies to avert a government shutdown. The second deadline is Feb. 2. 

‘As the House Freedom Caucus has noted, the actual spending levels in this plan are nearly $100 billion above what we are being promised, but mostly preserve all the pre-existing funding for Biden’s priorities,’ Sen. Mike Lee, R-Utah told Fox News Digital on Monday. 

‘At a time when we’re $34 trillion in debt and inflation is hollowing out America’s middle class, Republicans can and must do better than this,’ he said. 

The $1.59 trillion figure was part of an agreement mandated by the Fiscal Responsibility Act (FRA) last year, a compromise reached during debt limit talks between President Biden and then-Speaker Kevin McCarthy, R-Calif. 

Democratic leaders said the final top line would also include an additional $69 billion in nondefense discretionary spending that was part of a McCarthy and Biden side deal at the time. That would bring the total to roughly $1.66 trillion, a figure the House Freedom Caucus called ‘a total figure.’

The budget comprises of $886 billion allocated for defense and $704 billion designated for nondefense expenses.

Sen. Roger Marshall, R-Kans., a member of the upper chamber’s budget committee, said there will be at least a dozen Republican senators who ‘are going to have to look twice at this number.’ Nonetheless, he thinks the budget in its current form will still reach the 60 votes needed to pass.

‘Speaker Johnson is gonna have to try really hard to get his conference on board with this, but I don’t think he’s going to ever get more than 90% of them on board with it,’ Marshall told Fox News Digital on Monday. 

‘He needs every vote he can get, and they’re going to want to argue about this $70 billion, which is important — that’s a lot of money,’ he said. 

According to Johnson, the achieved Republican concessions involve $10 billion in extra cuts to IRS mandatory funding (totaling $20 billion) and a $6.1 billion reduction from the Biden administration’s ongoing COVID-related funds.

Johnson said the new agreement would see some additional cuts to discretionary spending to offset the deal.

However, a potential confrontation is approaching. Johnson has emphasized his desire to include conservative policy additions in the ultimate spending agreement.

Opening up the next legislative session Monday afternoon, Sen. Majority Leader Chuck Schumer, D-N.Y., said on the floor that ‘both parties reached this agreement without resorting to the painful and draconian cuts that the hard right, particularly those in the Freedom Caucus clamored for.’

‘And make no mistake, Democrats have made clear to Speaker Johnson that we will not support the inclusion of any poison pills in any of the 12 appropriation bills before the Congress,’ he said.

Fox News’ Elizabeth Elkind contributed to this report. 

This post appeared first on FOX NEWS
You Might Also Like
  • Pennsylvania eyes looser medical marijuana regulations
  • Bitcoin and Ethereum: continued bearish pressure on Friday
  • House GOP spirals into chaos as Emmer becomes third speaker nominee dropped in three weeks
  • ‘Funding terrorism’: GOP lawmakers demand Blinken’s plan for keeping $404M Gaza aid from Hamas
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Former George Santos staffer hired by Nancy Mace
next post
House Republican to file impeachment articles against Lloyd Austin

You may also like

Louisiana debates special legislative session to address insurance crisis

January 18, 2023

Marianne Williamson teases ‘important announcement,’ explores White House run to...

February 19, 2023

Biden admin withholding key funding for schools with hunting, archery...

July 28, 2023

Sen. Tillis schools anti-Israel protester on Hamas in hallway confrontation:...

January 27, 2024

Vivek Ramaswamy on 9/11: ‘I don’t believe the government has...

August 3, 2023

The day after: A plan for Gaza

March 7, 2024

Reddit Stock: Company Reports First-Ever Profit of $29.9M

October 30, 2024

Biden-Trump debate compared to Nixon and Kennedy’s historic matchup

June 28, 2024

Trump lawyer calls for Special Counsel Jack Smith to be...

August 28, 2023

Blinken meets with Saudi Crown Prince Mohammed bin Salman amid...

June 7, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Vermont launches impeachment investigations into Franklin...

    May 5, 2023

    Trump claims conversation with Putin delayed...

    June 20, 2023

    House passes McCarthy’s debt ceiling bill...

    April 27, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here