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The future of the budget and aid packages under the new Speaker of the US House of Representatives


October, 27 2023
watermark Economic news

The new, 56th, Speaker of the US House of Representatives was Representative from the Republican Party Mike Johnson. He received 220 votes. In order to take this post, he needed at least 217 votes.

What is known about the new speaker? 

Johnson is known for his controversial views on international issues: he is against providing financial assistance to Ukraine, arguing that the United States should focus on solving its internal problems, but stands for supporting Israel. 

He is also known for his closeness to former US President Donald Trump. Johnson worked on Trump's legal team and actively defended him during two impeachment proceedings.


The main problem of the United States today remains the country's budget. Congress has until November 17 to approve financial plans for next year, but it's getting harder to agree.


Johnson, like all Republicans, is in favor of spending cuts. However, the White House and the Senate are controlled by Democrats, which means a compromise is necessary and party members can give the speaker more «freedom».


President Biden is demanding a $100 billion aid package. And there are more problems here: Johnson previously voted for the HR 2670 bill, proposing to exclude aid to Ukraine from the budget. In addition, Johnson opposes recent military support packages.  


As you know, Republicans generally do not support financial assistance to Ukraine, and the new speaker will promote this line. It will become more difficult to allocate funds. However, the issue of financing Israel is still being discussed – the Democrats have proposed a comprehensive package of support for both countries.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.