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Today β€” 30 December 2024Main stream

Trump will test the extent of his power over congressional Republicans after failing to raise the debt ceiling

30 December 2024 at 10:40
Mike Johnson and Donald Trump hold a news conference at Mar-a-Lago
President-elect Donald Trump's support may help House Speaker Mike Johnson put down a conservative rebellion against his leadership.

Joe Raedle/Getty Images

  • Donald Trump offered his full support for House Speaker Mike Johnson.
  • Johnson is hoping to be reelected as House speaker on Friday.
  • Trump's endorsement may quell a growing frustration about Johnson's leadership.

President-elect Donald Trump has set up another quasi-loyalty test for House Republicans before he formally reenters the White House.

On Monday, Trump endorsed Speaker Mike Johnson to remain as speaker when the House votes on its next leader on Friday.

"Speaker Mike Johnson is a good, hard working, religious man," Trump wrote on Truth Social. "He will do the right thing, and we will continue to WIN. Mike has my Complete & Total Endorsement. MAGA!!!"

If any Republicans still want to challenge Johnson, they would have to defy Trump. While Trump's failure to get the GOP to back his debt ceiling plan shows such defiance is possible, electing a speaker is an entirely different matter.

Republicans hold an extremely narrow majority, meaning Johnson may be able to afford only a single defection.

Without a speaker, congressional lawmakers could not formally certify Trump's 2024 election win, raising personal stakes for the president-elect to soothe current tensions.

At least one potential challenger, Rep. Jim Jordan of Ohio, quickly lined up behind Johnson after Trump's show of support.

"Agreed, @realDonaldTrump!" Jordan wrote on X. "Time to do what we said we would do."

Elon Musk also offered his support.

"I feel the same way! You have my full support," the world's richest man wrote on X in a reply to Johnson's post thanking Trump for his backing.

A handful of House conservatives have previously expressed displeasure with Johnson, particularly his role in crafting legislation that extended government funding through March 14. Musk and Trump teamed up to kill Johnson's initial bipartisan deal, which was loaded with unrelated provisions to garner support from House Democrats.

Not everyone appears to be convinced by Trump's backing. Rep. Thomas Massie of Kentucky, a libertarian, who initially supported Florida Gov. Ron DeSantis in the GOP presidential primary, reiterated his frustration with Johnson's leadership.

"I respect and support President Trump, but his endorsement of Mike Johnson is going to work out about as well as his endorsement of Speaker Paul Ryan," Massie wrote on X. "We've seen Johnson partner with the democrats to send money to Ukraine, authorize spying on Americans, and blow the budget."

House Speaker Mike Johnson
Mike Johnson has disappointed some conservatives.

Allison Robbert / AFP via Getty Images

Why some conservatives aren't happy with Mike Johnson

Johnson also failed to deliver on Trump's last-minute demand to add a debt-ceiling extension to the must-pass funding bill. Trump has advocated for Congress to permanently ax the debt ceiling, a view shared by liberal lawmakers like Sen. Elizabeth Warren of Massachusetts.

Trump's debt ceiling failure illustrated that despite his popularity among the GOP base, the president-elect doesn't always get what he wants. Last year, Trump unsuccessfully tried to topple Senate Minority Leader Mitch McConnell.

Unlike the Senate, the House speaker vote is public. The House is also filled with Trump loyalists, even more so than when he took office in 2017. While Trump failed to get Rep. Jim Jordan of Ohio, a close ally, elected speaker last year, the then-former president effectively killed another Republican hopeful's chances during the chaos after former Speaker Kevin McCarthy's ouster.

Trump is also more powerful than last year. He returns to Washington with the promise of a GOP trifecta.

As the incoming president, he has a greater perch to reward loyalists and attack dissenters than he did during the 2023 speaker's race.

Read the original article on Business Insider

Big Lots just received a last-minute lifeline

30 December 2024 at 10:39
big lots
Big Lots says a new deal would preserve thousands of jobs at stores, distribution centers, and certain corporate roles.

Áine Cain / Business Insider

  • Big Lots has reached a deal that would preserve between 200 and 400 stores across the US.
  • The agreement with Gordon Brothers Retail Partners follows the collapse of an earlier rescue plan.
  • If approved, the company says the $496 million deal would preserve thousands of jobs.

The Big Lots story isn't over yet.

The discount chain said Friday that it had reached a deal with Gordon Brothers Retail Partners that would preserve at least 200 stores across the US, with the possibility of raising that number to 400 locations.

If the deal is approved, the remaining Big Lots stores and brand would be transferred to Variety Wholesalers, a privately held owner of more than 400 discount stores across the southeast and mid-Atlantic.

"This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand," CEO Bruce Thorn said in a statement.

The agreement follows the collapse of an earlier rescue plan with Nexus Capital Management that Big Lots said became unviable after Nexus required additional equity financing and $20 million of additional savings.

The new $496 million deal includes $304 million of debt payments and $17 million for unpaid rent. The company said the agreement would preserve thousands of jobs at stores, distribution centers, and certain corporate roles.

Several creditors have filed objections to various terms of the deal, which was presented in US bankruptcy court on Monday.

"There is no alternative to the Sale other than a liquidation, and the Debtors' estates and their creditors are better off if the Sale were to close," the company said in its motion proposing the deal.

As it holds going-out-of-business sales, the company said it has stopped ordering any future inventory and that "with each passing day the value of these estates decreases."

With this latest lifeline, there's still a chance your local Big Lots will keep the lights on after all.

Read the original article on Business Insider

MagSafe Money: LISEN delivers the strongest MagSafe magnetic I’ve found for the car

By: Bradley C
30 December 2024 at 11:06

Since it was released with the iPhone 12, MagSafe has completely changed how I charge my iPhone. I want to look at today’s product, the , a great option for drivers seeking stability, convenience, and cutting-edge tech. With support for Qi2 charging and a remarkably strong mount, it’s an impressive addition to any car setupβ€”though it comes with a small trade-off.

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