The elected president of the USA, Trump, has reached an agreement with House Republicans to avoid a government shutdown and suspend the federal debt ceiling for two years.

He stated on the "Truth Social" website that he supports the latest proposal put forth by House Republicans to prevent a government shutdown. "All Republicans, even Democrats, should do what's best for our country and vote 'yes' on this bill tonight!" Trump said.

House Democratic leader Hakeem Jeffries called the plan "ridiculous" and added, "Extreme MAGA Republicans are pushing us towards a government shutdown."

House Republicans plan to vote on the proposal at local time Thursday evening (7 AM Beijing time), and they will likely need Democratic support to pass the plan.

Trump had pressured Republican lawmakers to abandon the previously agreed bipartisan deal, praising the new proposal on Truth Social as "a very beneficial agreement for the American people." He stated that it includes aid for disaster victims and American farmers.

Later on Wednesday afternoon local time, Trump urged House Speaker Mike Johnson to abandon the agreement reached with Democratic congressional leaders to prevent a government shutdown before the holidays. The incoming president insisted that Republican lawmakers pause or raise the debt ceiling before he takes office.

If Congress does not take action, government funding will expire at local time Friday evening. The new agreement sets March 14 of next year as the new funding deadline.

At least one Republican congressman has expressed opposition to the terms of the plan.

Hardline conservative Congressman Chip Roy from Texas posted on Social Media: "My position is simple, I will not raise or suspend the debt ceiling (adding more debt) without significant and real spending cuts attached."

Jeffries earlier that day condemned the strategy of the debt ceiling, believing it to be a stunt by Trump to advance next year's tax agenda, benefiting corporations and the wealthy in the USA.

"Republican extremists want House Democrats to raise the debt ceiling so that House Republicans can lower your Social Security check amount," Jeffries posted on Bluesky. "Difficult to pass."

Democrats gathered after Republicans abandoned their plan, and they could be heard chanting "Oppose" during the meeting.

Republican Congressman Mike Lawler from New York stated that he hopes Johnson will use a special procedure to expedite the vote on the bill, which requires a two-thirds majority. He needs strong support from the Democrats.

For most of Wednesday evening and Thursday daytime, the Speaker and other House Republicans were crammed in the office, trying to formulate a temporary funding plan that Trump could accept, as they were approaching the final deadline for a government shutdown.

Trump insists that Johnson ensure the debt ceiling is raised or eliminated, otherwise he will have to resolve this politically risky issue before next summer after taking office.

The world's richest person and key advisor to Trump, Elon Musk, posted a series of messages on Social Media on Wednesday, criticizing the agreement reached by Johnson earlier, urging his followers to oppose the bill, and claiming that any legislator who supports the bill should be defeated in the next election.

Due to the upcoming Republican majority and the Democrats currently controlling the Senate and the White House not wanting to confront each other as the holiday approaches, this week's spending vote was expected to be relatively calm. However, the bill includes over $10 billion in disaster aid and other perks, such as pay raises for legislators, which angered Musk, who has been appointed by Trump to lead a government efficiency council to drastically cut spending.

On Thursday morning, Trump told Fox News that if Johnson "decisively and firmly" eliminates the "traps" set by the Democrats, then he "could easily continue as Speaker of the House." Some Republicans, including Senator Mike Lee of Utah, have suggested the idea of Musk himself serving as Speaker in the new Congress.

The debt ceiling has been an issue that legislators expect to face only next year, and it is certainly not on their pre-holiday agenda. On Thursday, Trump told NBC News that completely eliminating the debt ceiling would be the "most sensible thing" lawmakers could do. He said, "I fully support it."

However, the U.S. Republican Party's stopgap funding and debt ceiling bill failed to secure the votes needed for passage in the House of Representatives. At the time of posting, 22 Republican members had cast votes against it, and voting is still ongoing.

Currently,$U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ reported 4.574%.

Editor/Rocky