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Christmas Is Near, but the News Won’t Stop. Here’s What to Follow. Christmas Is Near, but the News Won’t Stop. Here’s What to Follow.
(about 2 hours later)
It’s the Friday before Christmas, but Washington is far from putting a bow on things and retreating until the new year. This poorly timed political upheaval can seem too daunting to track — especially if you’re traveling. So here are the basics, with links to our detailed coverage.It’s the Friday before Christmas, but Washington is far from putting a bow on things and retreating until the new year. This poorly timed political upheaval can seem too daunting to track — especially if you’re traveling. So here are the basics, with links to our detailed coverage.
And for a nightly rundown of the day’s top stories, subscribe to our Evening Briefing.And for a nightly rundown of the day’s top stories, subscribe to our Evening Briefing.
The White House and congressional leaders agreed Friday evening to hold last-minute negotiations to try to avert a partial government shutdown at midnight. Last week, President Trump took ownership of a potential government shutdown over funding for a border wall with Mexico. But on Friday, he reversed his rhetoric, blaming Democrats for a possible government funding lapse, even though Republicans control Congress, and warning that a shutdown “will last for a very long time.” The White House and congressional leaders agreed Friday evening to hold last-minute negotiations to try to avert a partial government shutdown at midnight. But the House adjourned before a deal had been reached, all but guaranteeing that the government will shut down for a period of time. Stay up-to-date with our live coverage of the shutdown.
Funding is set to run out for several federal agencies, including the Agriculture, Commerce and Homeland Security Departments. Mr. Trump announced on Thursday that he would not sign the stopgap spending bill that the Senate had already passed, demanding funding for the border wall. Here’s how things have developed from there. Funding is set to run out for several federal agencies, including the Agriculture, Commerce and Homeland Security Departments. Here’s what to expect if the government shuts down.
At the heart of this battle is the wall that Mr. Trump promised during the campaign. Nearly two years into his presidency, the wall has not come to fruition. But his supporters still want it, making the issue a potential risk to his re-election. At the heart of the battle is the wall at the border with Mexico that President Trump promised during the campaign. Nearly two years into his presidency, the wall has not come to fruition. But his supporters still want it, making the issue a potential risk to his re-election.
President Trump is dealing with the fallout over the resignation of Jim Mattis, the defense secretary, who delivered a rebuke of Mr. Trump’s worldview on his way out. He also faces alarm over the decisions to pull American forces out of Syria and withdraw roughly 7,000 troops from Afghanistan in the coming months. Mr. Trump has demanded that about $5 billion for the wall be included in a spending bill necessary to keep the government running. The House merged the Senate’s stopgap spending bill with about $5.7 billion in funding for the wall and close to $8 billion in disaster relief funding, but that plan hit a roadblock in the Senate, where Democrats and a few key Republicans were opposed. Here’s an overview of how we got here.
Though Mr. Trump initially took ownership of a potential government shutdown over funding for a border wall with Mexico, he reversed his rhetoric on Friday, blaming Democrats for a possible government funding lapse and warning that a shutdown “will last for a very long time.”
Mr. Trump is also dealing with the fallout over the resignation of Jim Mattis, the defense secretary, who delivered a rebuke of Mr. Trump’s worldview on his way out.
Mr. Mattis resigned on Thursday in protest of the president’s decision to withdraw American forces from Syria and his rejection of international alliances.
In addition to his decision to withdraw from Syria, Mr. Trump also abruptly ordered the military to pull roughly 7,000 troops from Afghanistan in the coming months.
That meant that, over the course of 24 extraordinary hours, 17 years of American military policy was thrown out the window. The reverberations were felt around the globe.
Now that Mr. Mattis is departing, the world is likely to see the unfiltered version of Mr. Trump’s “America First” foreign policy. Mr. Trump seems intent on assembling a team of advisers who will embrace a vision for the United States that includes bolstering the military but leaving international alliances to wither.Now that Mr. Mattis is departing, the world is likely to see the unfiltered version of Mr. Trump’s “America First” foreign policy. Mr. Trump seems intent on assembling a team of advisers who will embrace a vision for the United States that includes bolstering the military but leaving international alliances to wither.
After a tumultuous couple of days, the tech-heavy Nasdaq index closed on Friday down more than 20 percent from its August peak, meaning it has officially entered a bear market. The S&P 500 and Dow Jones industrial average, both of which also include the biggest tech companies, are not far behind. There have only been two bear markets in the last 20 years. Expectations that Congress and the White House wouldn’t reach an agreement for a stopgap spending bill helped fuel a further decline in the stock market.
Stocks on Wall Street had been vacillating between gains and losses amid the threat of a government shutdown.The significant losses began on Wednesday, after the Fed signaled that it planned to keep raising interest rates. On Friday morning, the president of the Federal Reserve Bank of New York said in a television interview that the Fed was open to adjusting its policy if economic growth weakens. The S&P-500 rose as he spoke. By the end of the day Friday, the S&P 500-stock index was down 2.1 percent to end the worst week for American equity markets since the 2008 financial crisis.
Many of those gains faded soon after he was done. Turmoil in Washington and fears about the direction of the global economy gave investors little to cheer about, and the S&P-500 ended up falling by more than 2 percent on Friday. And the tech-heavy Nasdaq index was down more than 20 percent from its August peak, meaning it has officially entered a bear market.
Justice Ruth Bader Ginsburg underwent surgery in New York to remove two nodules from her left lung, a Supreme Court spokeswoman said. The nodules removed during surgery were found to be malignant, but the spokeswoman said “there was no evidence of any remaining disease” in her body. Bear markets in stocks are rare but have the power to spread gloom through the economy. In the last 20 years, there have been only two — one that began with the financial crisis in 2007, and the other that started with the dot-com bust in 2000. Market downturns can gather steam even without strong evidence that economic and corporate fundamentals are weakening.
Justice Ruth Bader Ginsburg underwent surgery in New York on Friday to remove two nodules from her left lung, a Supreme Court spokeswoman said. The nodules removed during surgery were found to be malignant, but the spokeswoman said “there was no evidence of any remaining disease” in her body. (Here’s why cancer doctors see encouraging signs for her recovery.)
Also on Friday, the Supreme Court refused to revive a Trump administration initiative barring migrants who enter the country illegally from seeking asylum. Invoking what he said were his national security powers to protect the nation’s borders, Mr. Trump made a proclamation last month that only allowed migrants to seek asylum at legal checkpoints. Chief Justice John G. Roberts Jr. joined the four-member liberal wing in deciding against the Trump administration.Also on Friday, the Supreme Court refused to revive a Trump administration initiative barring migrants who enter the country illegally from seeking asylum. Invoking what he said were his national security powers to protect the nation’s borders, Mr. Trump made a proclamation last month that only allowed migrants to seek asylum at legal checkpoints. Chief Justice John G. Roberts Jr. joined the four-member liberal wing in deciding against the Trump administration.