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Gold, Silver and Bitcoin Prices Fall as Fed Caps Off Year with Rate Cut

December 20, 2024 No Comments

The US Federal Reserve announced an interest rate cut of 25 basis points on Wednesday (December 18), reducing its target range to 4.25 to 4.5 percent in its third reduction of the year.

Policymakers also signaled that only two rate cuts are expected in 2025 versus the four originally forecast.

In comments after the Fed’s meeting, Chair Jerome Powell emphasized that the Fed will remain cautious next year, focusing on labor market strength and further progress in curbing inflation.

‘I think the actual cuts that we make next year will not be because of anything we wrote down today. We’re going to react to data; that’s just the general sense of what the committee thinks is likely to be appropriate,’ he said.

Gold, silver and markets fall post-rate cut

Financial markets experienced significant volatility following the Fed’s announcement.

The Dow Jones Industrial Average (INDEXDJX:.DJI) dropped by 1,123 points on Wednesday, a 2.58 percent decline, which extended its losing streak to 10 consecutive days — the longest since 1974.

The S&P 500 (INDEXSP:.INX) dropped 178.45 points, or 2.95 percent, ending at 5,872.16.

Meanwhile, the Nasdaq Composite (INDEXNASDAQ:.IXIC) recorded the steepest decline of the three on Wednesday, losing 716.37 points, or 3.56 percent, to close at 19,392.69.

The selloff was triggered by the Fed’s cautious tone and change in its 2025 rate cut projections. Many market participants had anticipated a more aggressive series of reductions, and took the time to reassess their strategies.

Some experts have described the Fed’s move as a “hawkish cut.’ The Fed’s hesitation about future policy shifts has heightened investor uncertainty, leading to widespread profit taking in the market.

Bond yields also rose sharply as investors now expect tighter financial conditions for an extended period.

The gold price experienced volatility, shedding 2 percent following the rate cut, slipping to US$2,585 per ounce. The decline marked the first time the yellow metal has fallen below US$2,600 since mid-November.

While gold rebounded in after-hours trading, sister metal silver fell 3 percent after the rate cut and is holding in the US$29.20 per ounce range.

Powell talks Trump and Bitcoin after meeting

In a press conference after the Fed’s meeting, Powell addressed questions about how the central bank’s decisions may interact with economic policies proposed by President-elect Donald Trump.

While emphasizing the Fed’s independence, Powell also acknowledged the uncertainty currently surrounding Trump’s proposed tax cuts, tariff increases and immigration measures.

‘It’s very premature to make any kind of conclusions. We don’t know what will be tariffed, from what countries, for how long, in what size,’ Powell explained to reporters on Wednesday.

That said, he noted that Fed officials have started assessing potential scenarios. Powell also said Trump’s policies could have inflationary effects, particularly through increased tariffs and fiscal stimulus measures.

For instance, the Fed’s projections show economic growth remaining slightly above trend in 2025, with inflation staying above target for at least two more years. The jobless rate is expected to remain low, hovering around 4.3 percent.

These conditions, Powell said, will guide future monetary policy decisions, irrespective of changes in fiscal policy.

He also clarified the central bank’s stance on digital assets, responding to Trump’s campaign discussions on creating a strategic reserve for popular cryptocurrency Bitcoin.

Powell was clear that the Fed is not authorized to own Bitcoin under existing laws, and has no plans to advocate for legislative changes to enable such holdings.

‘That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed,’ he said.

Following Powell’s comment, Bitcoin dropped below US$100,000, its steepest decline since September of this year.

Moving forward, the Fed reiterated its goal to bring inflation back to its benchmark 2 percent target.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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US diplomats in Damascus for first time in more than 10 years following fall of Assad regime

December 20, 2024 No Comments

A group of U.S. officials are in Syria’s capital for the first time in more than 10 years seeking information on American citizens who disappeared under the Assad regime, among other things.

The team visiting Damascus consists of US Special Envoy for Hostage Affairs Roger Carstens, Assistant Secretary of State for Near Eastern Affairs (NEA) Barbara Leaf and NEA Senior Adviser Daniel Rubinstein, a State Department spokesperson told Fox News Digital.

Rubinstein, who previously served as U.S. Special Envoy for Syria and has decades of foreign affairs experience, will lead the diplomatic engagement, the spokesperson confirmed.

His mission is to engage with the Syrian people and key parties within the country. He also seeks to coordinate with allies to advance principles laid out in a meeting between world leaders in the Jordanian city of Aqaba earlier this month.

The trio will meet with the Syrian people to uncover their vision for their country after the Assad regime fell earlier this month amid an ongoing civil war. They will also ask how the U.S. can help support them in their desired future.

‘They will be engaging directly with the Syrian people, including members of civil society, activists, members of different communities, and other Syrian voices,’ the spokesperson said, in part.

The three officials will also meet with representatives of Hayat Tahrir Al-Sham (HTS), a U.S.-designated terrorist group, to ‘discuss transition principles’ endorsed by the United States and regional partners in Aqaba, Jordan, the State Department said.

Secretary of State Antony Blinken previously noted that world leaders discussed ‘the need for an inclusive, Syrian-led political transition’ during the Aqaba Meetings on Syria in Jordan on Dec. 14.

‘The United States supports a future government in Syria that is chosen by and representatives of all Syrians,’ Blinken said on X.

Another goal of the visit is to determine what has happened to American citizens who disappeared under the Assad regime, including former marine turned freelance journalist Austin Tice, who was kidnapped while reporting in Syria in 2012.

Carstens has been leading the charge to locate Tice and recently shared that Rewards for Justice is offering up to $10 million for information on his whereabouts.

‘Given recent events in Syria, the FBI is renewing our call for information that could lead to the safe location, recovery, and return of Austin Bennett Tice, who was detained in Damascus in August 2012,’ the FBI said in a statement.

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Completion of Tranche 1 of the Placement

December 20, 2024 No Comments

Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) (Cyprium or the Company) is pleased to announce the successful completion of Tranche 1 of the two-tranche placement to raise in aggregate A$13.5 million (before costs) via the issue of a total of 483,203,140 fully paid ordinary shares in the Company (Placement Shares) at an issue price of A$0.028 per Share, as announced by the Company on 13 December 2024 (Placement).

Highlights:

Tranche 1 of the Placement raised A$5.2 million (before costs).
Completion of Tranche 2 of the Placement to raise an additional A$8.3 million is subject to shareholder approval at an extraordinary meeting to be held in January 2025.
Cyprium intends to undertake a retail entitlement offer to existing eligible shareholders on the same terms as the Placement.

Pursuant to the terms of the Placement, subscribers were offered 1 free-attaching unlisted option for every 2 Placement Shares subscribed for, with an exercise price of A$0.042 per option and expiry date of 31 December 2027 (Placement Options).

Under Tranche 1 of the Placement, the Company confirms that it has today issued:

185,714,285 Placement Shares; and
92,857,143 Placement Options.

Tranche 2 of the Placement, comprising 297,488,855 Placement Shares and 148,744,427 Placement Options will be issued subject to shareholder approval which will be sought at a meeting of the Company’s shareholders in January 2025. Shareholder approval is also being sought for the issue of 20,000,000 options on the same terms as the Placement Options to the cornerstone investor of the Placement.

Proceeds of the Placement will be used as follows:

Nifty site costs;
Permit support and DFS preparation and costs;
Tenement maintenance and geology work;
Working capital and costs of the Placement.

Canaccord Genuity acted as Lead Manager to the Placement.

Click here for the full ASX Release

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5 Best-performing Canadian Nickel Stocks of 2024

December 20, 2024 No Comments

After trending down in 2023, nickel prices climbed to a 10 month high in late May of this year. However, they’ve since pulled back to four-year lows. While this environment has been tough for nickel companies, some stocks are still thriving.

Supply is expected to outflank demand over the short term, but the longer-term outlook for the metal is strong. Demand from the electric vehicle (EV) industry is one reason nickel’s outlook looks bright further into the future.

Battery nickel demand is poised to triple by 2030, according to Benchmark. “Mid and high level performance EVs will be the primary driver of battery nickel demand growth in the coming years, particularly in Western markets,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “There will be growth in China, but it won’t be as pronounced as in ex-China markets.”

As for Canada, nickel is listed as a top priority in the government’s Critical Minerals Strategy. The country is the world’s fifth largest producer of nickel, with much of its production coming from mines in Ontario’s Sudbury Basin, including Vale’s (NYSE:VALE) Sudbury operation and Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Sudbury Integrated Nickel Operations.

In February, Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF) announced its subsidiary NetZero Metals is planning to develop a US$1 billion nickel-processing plant in Ontario that will become North America’s largest once complete.

How have Canadian nickel stocks performed in 2024? Below are the top nickel stocks in Canada on the TSXV and CSE by share price performance so far this year. TSX stocks were considered, but didn’t make the cut.

All year-to-date and share price data was obtained on December 13, 2024, using TradingView’s stock screener. The top nickel stocks in Canada listed had market caps above C$10 million at that time.

1. Class 1 Nickel and Technologies (CSE:NICO)

Company Profile

Year-to-date gain: 533.33 percent
Market cap: C$35.9 million
Share price: C$0.19

Class 1 Nickel and Technologies’ flagship property is its Alexo-Dundonald nickel project near Timmins, Ontario. The past-producing asset hosts four nickel sulfide deposits. The company’s pipeline also includes the past-producing Somanike nickel-copper project near Val-d’Or, Québec, and the River Valley platinum group metals (PGMs) project near Sudbury, Ontario.

Class 1 Nickel released resource estimate updates for the Alexo South and Alexo North deposits in April and May of this year, respectively. The company said it expects to start work on a preliminary economic assessment for Alexo-Dundonald in the near term as part of its plan to bring the asset back into production.

On October 3, Class 1 Nickel put out an updated resource estimate for the Dundonald South nickel deposit. In the indicated category, the company reported a 781 percent increase in metric tons of ore and a 474 percent increase in pounds of nickel.

The Canadian nickel exploration company’s share price started off the year at C$0.06, and began climbing in April to reach a year-to-date high of C$0.40 on November 18.

2. Power Nickel (TSXV:PNPN)

Company Profile

Year-to-date gain: 318.18 percent
Market cap: C$187.23 million
Share price: C$0.92

Power Nickel is developing its 80 percent owned Nisk polymetallic property in Québec, which hosts nickel, copper, platinum and palladium mineralization. According to the company, it plans to create Canada’s first carbon-neutral nickel mine. The polymetallic nature of the project is a plus for the economic case for future nickel production in a low price environment.

This ongoing work has generated positive news flow for the company in 2024. After starting the year at C$0.24, Power Nickel began gaining in mid-April following two key announcements. First, the company released drill results from the newly discovered Lion zone 5 kilometers northeast of the main Nisk deposit. Shortly after, it announced the completion of its option to earn an 80 percent stake in Nisk from Critical Elements Lithium (TSXV:CRE,OTCQX:CRECF).

Power Nickel’s share price jumped more than 15 percent on May 10 to reach C$0.64 following news that drilling continued to expand the high-grade, near-surface Lion discovery, with notable assays including 14.42 meters at 0.59 grams per metric ton (g/t) gold, 69.14 g/t silver, 8.17 percent copper, 6.25 g/t palladium, 8.44 g/t platinum and 0.58 percent nickel.

In June, Power Nickel commenced an 8,000 meter summer drill program at Nisk, and closed a flow-through offering for gross proceeds of over C$20 million. Some of the biggest names in mining — Robert Friedland and Rob McEwen — participated.

The company’s excellent news flow continued into the fourth quarter with a series of stellar drill results from its Nisk winter drill program, including significant intersections as shared in its October 3, October 28 and November 11 news releases. Additionally, on December 5, Power Nickel announced it was executing a spinout of its interest in the Golden Ivan property in Chile into a wholly owned subsidiary Chilean Metals.

Power Nickel continued to climb before peaking at a year-to-date high of C$0.96 on December 12. On that same day, the company released another set of positive assay results from its work at Nisk.

3. Magna Mining (TSXV:NICU)

Company Profile

Year-to-date gain: 234.15 percent
Market cap: C$214.48 million
Share price: C$1.37

Magna Mining is a base metal exploration and development company based in Sudbury, Ontario. The company’s flagship assets are the Shakespeare Mine and the Crean Hill project. Shakespeare is a past-producing, nickel-copper-platinum group mine with major permits in place. The current deposit at Shakespeare hosts an NI 43-101 indicated open pit resource of 14.4 million MT. Crean Hill is a past producing nickel, copper and PGM mine.

In March, Magna announced the signing of a definitive off-take agreement with Vale Base Metals wholly-owned subsidiary Vale Canada for the advanced exploration portion of the Crean Hill project. A few months later, in June, it inked a toll milling agreement with Glencore Canada for the surface bulk sample of the 109 Footwall Zone at Crean Hill.

The company entered into a definitive share purchase agreement with a subsidiary of KGHM Polska Miedz (FWB:KGHA) to acquire a portfolio of base metals assets located in the Sudbury Basin, including the producing McCreedy West copper-nickel mine. In November, Magna completed an updated preliminary economic assessment at Crean Hill.

Magna Mining’s share price started off the year at C$0.57, and gradually climbing to double its value by September 13. It reached a year-to-date high of C$1.67 on December 4.

4. Tartisan Nickel (CSE:TN)

Company Profile

Year-to-date gain: 108.7 percent
Market cap: C$27.19 million
Share price: C$0.24

Tartisan Nickel s a Canadian battery metals exploration and development company focuses on developing the Kenbridge nickel-copper-cobalt project located in Northwestern Ontario, Canada.

Tartisan acquired additional exploration claims for the Kenbridge project in mid-May. In November, the company closed C$1.5 million in flow-through financing with proceeds primarily going to fund the exploration and development of the project.

Shares in Tartisan Nickel fluctuated significantly in 2024. The company kicked off the year at C$0.19 before falling to a low of C$0.10 on March 12. However, its share price climbed rapidly in May to reach a year-to-date high of C$0.26 on May 16. Although shares fell as low as C$0.12 in late June, its value had doubled back up to C$0.24 on December 13.

5. EV Nickel (TSXV:EVNI)

Company Profile

Year-to-date gain: 70.83 percent
Market cap: C$38.41 million
Share price: C$0.41

EV Nickel’s primary project is the 30,000 hectare Shaw Dome asset, which is situated near Timmins, Ontario. The property includes the high-grade W4 deposit, which has a resource of 2 million metric tons at 0.98 percent nickel for 43.3 million pounds of Class 1 nickel across the measured, indicated and inferred categories.

Shaw Dome also holds the large-scale CarLang A zone, which has a resource of 1 billion metric tons at 0.24 percent nickel for 5.3 billion pounds of Class 1 nickel across the indicated and inferred categories.

EV Nickel is working on integrating carbon capture and storage technology for large-scale clean nickel production, and has procured funding from the Canadian government and Ontario’s provincial government. In late 2023, the company announced it was moving its carbon capture research and development to the pilot plant stage.

The company’s news so far in 2024 includes the closure of a flow-through financing in March that ultimately saw EV Nickel raise C$5.12 million to fund the development of its high-grade, large-scale nickel resources.

In April, EV Nickel launched a 2024 exploration program that is aimed at advancing the CarLang trend and exploring other nickel targets. The most recent news out of the program came in early September with the announcement that diamond drilling at the Langmuir #2 high-priority nickel target had confirmed high-grade nickel, with intercepts such as 18.5 meters grading 1.07 percent nickel, 7.5 meters grading 1.67 percent nickel, 2 meters grading 3.27 percent nickel and 1 meter grading 5.11 percent nickel. EV Nickel described the results as ‘very encouraging.’

The Canadian nickel exploration company’s share price started off the year at C$0.30 before steadily climbing to reach a year-to-date high of C$0.79 on May 17.

FAQs for nickel investing

How to invest in nickel?

There are a variety of ways to invest in nickel, but stocks and exchange-traded products are the most common. Nickel-focused companies can be found globally on various exchanges, and through the use of a broker or a service such as an app, investors can purchase companies and products that match their investing outlook.

Before buying a nickel stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.

Nickel stocks like those mentioned above could be a good option for investors interested in the space. Experienced investors can also look at nickel futures.

What is nickel used for?

Nickel has a variety of applications. Its main use is an alloy material for products such as stainless steel, and it is also used for plating metals to reduce corrosion. It is used in coins as well, such as the 5 cent nickel in the US and Canada; the US nickel is made up of 25 percent nickel and 75 percent copper, while Canada’s nickel has nickel plating that makes up 2 percent of its composition.

Nickel’s up-and-coming use is in electric vehicles as a component of certain lithium-ion battery compositions, and it has gotten extra attention because of that purpose.

Where is nickel mined?

The world’s top nickel-producing countries are primarily in Asia: Indonesia, the Philippines and New Caledonia make up the top three. Rounding out the top five are Russia and Canada. Indonesia’s production stands far ahead of the rest of the pack, with 2023 output of 1.8 million metric tons compared to the Philippines’ 400,000 metric tons and New Caledonia’s 230,000 metric tons.

Significant nickel miners include Norilsk Nickel (OTC Pink:NILSY,MCX:GMKN), Nickel Asia, BHP Group (NYSE:BHP,ASX:BHP,LSE:BHP) and Glencore (LSE:GLEN,OTC Pink:GLCNF).

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Westgold Shares Scoping Study for Expansion of Fortnum Gold Operation

December 20, 2024 No Comments

Westgold Resources (ASX:WGX,TSX:WGX,OTCQX:WGXRF) has completed a scoping study that evaluates an expansion of its Fortnum gold operation in Western Australia, the company said on Tuesday (December 17).

The study forms part of the company’s portfolio review, and shows a potential 10 year, fully integrated mine plan.

It outlines life-of-mine production of 713,000 to 871,000 ounces of gold, and covers Fortnum’s Starlight, Nathan’s and Yarlarweelor open pits, as well as the existing Starlight underground operation.

Also included in the study is a 91 percent increase in Starlight’s resource estimate. It now stands at 12.9 million tonnes at 2.7 grams per tonne gold for a total of 1.13 million ounces of gold.

“Fortnum is a mature, yet under drilled asset and is one of Westgold’s most profitable and productive operations,’ said Managing Director and CEO Wayne Bramwell, adding that Starlight has so far produced 800,000 ounces of gold.

“The scoping study contemplates a modest upfront capital investment to deliver a long life, fully integrated open pit and underground project of increased scale, supported by an expansion of our existing (900,000) processing plant to 1.5 million tonnes per annum,” he added in Tuesday’s press release.

Westgold said funding amounting to approximately $294 million will be needed over the expansion’s life. On a respective basis, open-pit pre-production capital, processing plant capital, life-of-mine underground capital development and working and exploration capital will require $39 million, $93 million, $113 million and $48 million.

Shares of the company rose as high as AU$3.25 in the wake of the news.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Trump-backed spending bill goes down in flames as shutdown clock ticks down

December 20, 2024 No Comments

A bill to avert a partial government shutdown that was backed by President-elect Trump failed to pass the House of Representatives on Thursday night.

Congress is inching closer to the possibility of a partial shutdown, with the deadline coming at the end of Friday.

The bill needed two-thirds of the House chamber to pass, but failed to even net a majority. Two Democrats voted with the majority of Republicans to pass the bill, while 38 GOP lawmakers bucked Trump to oppose it.

The margin fell to 174 to 235.

It comes after two days of chaos in Congress as lawmakers fought among themselves about a path forward on government spending – a fight joined by Trump and his allies Elon Musk and Vivek Ramaswamy.

Meanwhile, the national debt has climbed to over $36 trillion, and the national deficit is over $1.8 trillion.

The legislation was hastily negotiated on Thursday after GOP hardliners led by Elon Musk and Vivek Ramaswamy rebelled against an initial bipartisan deal that would have extended the government funding deadline until March 14 and included a host of unrelated policy riders.

The new deal also includes several key policies unrelated to keeping the government open, but the 116-page bill is much narrower than its 1,547-page predecessor.

Like the initial bill, the new iteration extended the government funding deadline through March 14 while also suspending the debt limit – something Trump had pushed for.

It proposed to suspend the debt limit for two years until January 2027, still keeping it in Trump’s term but delaying that fight until after the 2026 Congressional midterm elections.

The new proposal also included roughly $110 billion in disaster relief aid for Americans affected by storms Milton and Helene, as well as a measure to cover the cost of rebuilding Baltimore’s Francis Scott Key Bridge, which was hit by a barge earlier this year.

Excluded from the second-round measure is the first pay raise for congressional lawmakers since 2009 and a measure aimed at revitalizing Washington, D.C.’s RFK stadium.

The text of the new bill was also significantly shorter – going from 1,547 pages to just 116.

‘All Republicans, and even the Democrats, should do what is best for our Country, and vote ‘YES’ for this Bill, TONIGHT!’ Trump wrote on Truth Social.

But the bill hit opposition before the legislative text was even released.

Democrats, furious at Johnson for reneging on their original bipartisan deal, chanted ‘Hell no’ in their closed-door conference meeting on Thursday night to debate the bill.

Nearly all House Democrats who left the meeting indicated they were voting against it.

Meanwhile, members of the ultra-conservative House Freedom Caucus also said they would vote against the bill.

‘Old bill: $110BB in deficit spending (unpaid for), $0 increase in the national credit card. New bill: $110BB in deficit spending (unpaid for), $4 TRILLION+ debt ceiling increase with $0 in structural reforms for cuts. Time to read the bill: 1.5 hours. I will vote no,’ Rep. Chip Roy, R-Texas, wrote on X.

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RAD 202 receives approval to start Phase 1 therapeutic trial

December 20, 2024 No Comments

Radiopharm Theranostics (RAD:AU) has announced RAD 202 receives approval to start Phase 1 therapeutic trial

Download the PDF here.

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House Republicans agree on Plan B government funding bill with Trump’s debt limit increase

December 20, 2024 No Comments

House Republicans have struck a deal on a backup plan for averting a government shutdown by Friday’s deadline.

Multiple sources told Fox News Digital the deal would extend current government funding levels for three months and also suspend the debt limit for two years, something President-elect Trump has demanded.

Trump praised the deal minutes after Fox News Digital reported its contents.

The deal also includes aid for farmers and roughly $110 billion in disaster relief funding for Americans affected by storms Helene and Milton.

It would also include certain health care provisions, minus reforms to the Pharmacy Benefit Managers (PBMs) system that some Republicans and Democrats were pushing for but that others vehemently opposed.

‘Speaker Mike Johnson and the House have come to a very good Deal for the American People,’ Trump wrote of the deal. ‘The newly agreed to American Relief Act of 2024 will keep the Government open, fund our Great Farmers and others, and provide relief for those severely impacted by the devastating hurricanes.

‘All Republicans, and even the Democrats, should do what is best for our Country, and vote ‘YES’ for this Bill, TONIGHT!’.

Meanwhile, the national debt has recently exceeded $36 trillion and continues to grow. The national deficit is over $1 trillion.

Shortly after Fox News Digital’s report, House leaders released the legislative text of the bill. It came in at about 116 pages, a far cry from their original 1,547-page legislation.

It comes after conservatives led by Elon Musk and Vivek Ramaswamy torpedoed Speaker Mike Johnson’s initial government funding plan Wednesday, prompting fears of a partial government shutdown right before the holidays.

GOP hardliners were furious about what they saw as unrelated measures and policy riders being added to the bill at the last minute.

House Republicans began negotiations for a ‘clean’ bill, known as a continuing resolution (CR), but those were also upended when Trump urged GOP lawmakers to pair a CR with action on the debt limit, which was expected to be a contentious battle in the first half of next year.

Musk and Ramaswamy also lent their voices to the fight, with Musk calling on any Republican who supported the deal to lose their House seats.

The original plan, which was bipartisan, was declared ‘dead’ by House Majority Leader Steve Scalise, R-La., as he left the U.S. Capitol Wednesday night.

In addition to averting a partial government shutdown through March 14, the bill also included a provision to allow for the revitalization of RFK stadium in Washington, D.C.; permits to sell ethanol fuel year-round; and the first pay raise for lawmakers since 2009.

House lawmakers may vote on the new bill as early as Thursday evening.

But it’s not immediately clear if it would pass. Rep. Chip Roy, R-Texas, who also led opposition to the initial bill, also blasted the new deal.

‘More debt. More government. Increasing the Credit Card $4 trillion with ZERO spending restraint and cuts. HARD NO,’ Roy wrote on X.

And House Minority Leader Hakeem Jeffries, D-N.Y., told reporters on the way into a closed-door meeting of the House Democratic Caucus, ‘The Musk-Johnson proposal is not serious. It’s laughable. Extreme MAGA Republicans are driving us to a government shutdown.’

Fox News’ Kelly Phares contributed to this report

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In Latest News

House vote imminent on Trump-backed bill to avoid government shutdown

December 20, 2024 No Comments

The House of Representatives is set to imminently vote on a bill backed by President-elect Trump to avert a government shutdown.

It comes after two days of chaos in Congress as lawmakers fought amongst themselves about a path forward on government spending – a fight joined by Trump and his allies Elon Musk and Vivek Ramaswamy.

Meanwhile, the national debt has climbed to over $36 trillion, and the national deficit is over $1.8 trillion.

The legislation was hastily negotiated on Thursday after GOP hardliners led by Musk and Ramaswamy rebelled against an initial bipartisan deal that would have extended the government funding deadline until March 14 and included a host of unrelated policy riders.