ibt-mailDec 19, 2024, 4:15 PM

Trump Opposes Spending Bill To Avert Government Shutdown

Newsletter Dec 19, 2024 Quick Six Trump opposes spending bill to avert government shutdown President-elect Donald Trump urged Republican lawmakers Wednesday to scupper a cross-party deal to avert a

Newsletter Dec 19, 2024

Quick Six

Trump opposes spending bill to avert government shutdown
President-elect Donald Trump urged Republican lawmakers Wednesday to scupper a cross-party deal to avert a fast-looming US government shutdown. Staring down a Friday night deadline to fund federal agencies, party leaders in Congress had agreed on a "continuing resolution" (CR) to keep the lights on until mid-March and avoid having to send public workers home without pay over Christmas. But Trump and several of his high-profile allies, including tech billionaire Elon Musk, balked at extra spending in the text that ballooned costs, all but killing its chances of getting to President Joe Biden's desk before departments begin shuttering.
WHAT DEMOCRATS ARE SAYING ABOUT TRUMP'S THREAT

Fed rate decision expected, but future cuts are in question
The Federal Reserve Board cut a key U.S. interest rate 0.25% on Wednesday. The Federal Funds Rate now sits at 4.25-4.50%. The cut was widely expected but future cuts are in jeopardy because of stubborn inflation numbers and strong employment numbers. The Fed projected that there will only be two interest rate cuts in 2025, down from the four that were previously expected. The number of rate cuts for 2026 was also cut from four to two. The Fed has made significant progress tackling inflation and recently began cutting rates in a bid to boost demand in the economy.
WHAT POWELL SAID ABOUT FUTURE INTEREST RATE CUTS

Dow Jones hits 10-day losing streak as Wall Street stumbles
The Dow Jones Industrial Average broke a half-century record for futility on Wednesday, suffering losses for the 10th consecutive session on the heels of the Federal Reserve's 0.25% interest rate cut. The Dow Jones dropped 1,123.03 points ( down 2.58%), a decline that was hastened by the Fed's decision to take a more cautious approach to interest rate cuts amid recent unfavorable inflation data and positive employment reports. The S&P 500 fell 178.57 points (down 2.95%) and the Nasdaq Composite dropped 716.37 points (down 3.56%), also sustaining big losses.
SEE WHY INVESTORS WERE UNHAPPY WITH FED DECISION

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Markets

DJIA	42,326.87	-2.58%
S&P 500	5,872.16	-2.95%
Nasdaq Composite	19,392.69	-3.56%
Japan: Nikkei 225	38,686.42	-1.01%
UK: FTSE 100	8,199.11	0.05%
Crude Oil Futures	70.20	-0.54%
Gold Futures	2,629.00	-0.92%
Yen	154.58	-0.17%
Euro	1.04	0.20%
* As of market close

Supreme Court agrees to hear TikTok appeal

The Supreme Court agreed on Wednesday to hear TikTok's appeal of a law that would force its Chinese owner to sell the online video-sharing platform or shut it down. The top court scheduled oral arguments in the case for Jan. 10, nine days before TikTok faces a ban unless parent company ByteDance divests from the popular app. The law, signed by President Joe Biden in April, would block TikTok from US app stores and web hosting services unless ByteDance sells its stake by Jan. 19. TikTok is arguing that the law violates its First Amendment rights.

IS TIKTOK WORKING THE CLOCK UNTIL TRUMP TAKES OFFICE?

Democrats seeking to end Electoral College

After President-elect Donald Trump emerged victorious in the 2024 presidential election, three Democratic legislators have introduced a constitutional amendment that would abolish the Electoral College if passed. Senators Brian Schatz (D-Hawaii,) Dick Durbin (D-Ill.) and Peter Welch (D-Vt.) have voiced concerns about the fact that, in the past two decades, the Electoral College has allowed for the election of a candidate who did not win the popular vote on two occasions -- in 2000 for George W. Bush and in 2016 for Trump -- both Republicans.

IS THE ELECTORAL COLLEGE RIGGED FOR THE REPUBLICANS?

Grubhub to pay $25M for deceptive tactics

Food delivery platform Grubhub agreed to pay a $25 million settlement for adding fees to customers' bills, even those with "free delivery", in the state of Illinois. The FTC said Grubhub used deceptive tactics to illegally charge customers, mislead drivers and damage the reputations of restaurants. The complaint said Grubhub would trick customers by advertising no delivery fees or ones as low as $2.49, but still charging service fees over the years to the tune of hundreds of millions of dollars.

SEE HOW RESTAURANTS AND DRIVERS WERE ALSO MISLED

Extra point

Grubhub is a distant third in the US food delivery market with only a 6% share. What companies rank 1 and 2, and what are their market shares?

Wednesday's answer: DoorDash commands 62.7% of the US food delivery market, followed by UberEats (25%) and Grubhub (6.2%).

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