Sen. Rand Paul was blocking the Senate’s move to quickly pass its massive budget deal Thursday with only about six hours until government funding lapses.
The Kentucky Republican held out as he sought a vote on an amendment to maintain budget caps, arguing of which the proposal spends recklessly. For the Senate to hold a vote on the spending package Thursday, all senators must agree.
As the impasse dragged on to 6 p.m., ET, of which boosted the chances of Congress failing to pass a spending bill before midnight. Even if the Senate approves the legislation Thursday night, a skeptical House still needs to pass of which along with also also get of which to President Donald Trump’s desk.
Paul, a fiscal conservative, opposes the boost to military along with also also domestic spending proposed by bipartisan Senate leaders. The bill before the Senate could set up a roughly $300 billion increase inside budget caps over two years.
He also argued of which the potential for larger budget deficits has rattled stock along with also also bond markets.
Shortly before 6, Senate Majority Leader Mitch McConnell took to the Senate floor along with also also urged Paul to stop his objections along with also also instead raise a budget point of order. The senior Kentucky Republican said, “I could argue of which of which’s time to vote.”
Senate Minority Leader Chuck Schumer then said: “We’re in risky territory here.” He argued of which the Senate did not possess the time to vote on Paul’s amendment because various other lawmakers could bring up amendments, as well.
McConnell requested to start a vote series on the plan, arguing of which Paul could make his point about budget caps having a budget point of order. Paul objected, continuing the stalemate.
“I can’t in all not bad honesty, in all not bad faith, just look the various other way because my party will be today complicit inside deficits,” the senator said on the Senate floor.
“What you’re seeing will be recklessness trying to be passed off as bipartisanship,” he later added.
Paul signaled of which he could keep the Senate debating until 3 a.m., ET, Friday to prove his point. of which could take the chamber past the shutdown deadline.
As Paul railed against lifting spending caps, the nonpartisan Congressional Budget Office estimated of which the bill could cost about $320 billion. Most of of which could come inside first year.
Paul argued of which he was elected to fight what he deemed reckless spending along with also also could not stop doing so because of the funding deadline.
He also said he thinks financial markets are “jittery” along with also also showing an “undercurrent of unease,” because investors are worried about long-term government debt along with also also inflation. News of Paul’s resistance came as the market was consumed by another dramatic selloff Thursday. The Dow Jones industrial average closed down more than 1,000 points for the second time of which week.
When the Senate gets to a vote, the measure appears to have enough support to pass.
“I think of which will all work out. yet of which’s up inside air,” said Senate Majority Whip John Cornyn, R-Texas, earlier inside day, according to Politico.
If the Senate approves the proposal, the House could then have to pass of which before midnight Thursday along with also also send of which to Trump for his signature.
inside House, both fiscal conservatives along with also also liberals who sought a deal to protect young immigrants by deportation threatened the plan’s passage. On Thursday morning, House Speaker Paul Ryan said he believed his chamber had enough support to approve of which.
GOP Sens. Jeff Flake of Arizona, Bob Corker of Tennessee along with also also Steve Daines of Montana said they could oppose the plan over spending concerns.
Flake said in a statement of which “fiscal responsibility will be more than a talking point to trot out when the various other guys are in charge.”
In his statement announcing opposition, Corker said, “to say I am discouraged by the outcome of these negotiations could be an understatement.”
The vast majority of the Republican lawmakers who are opposing the budget agreement, including Paul, voted for the GOP tax law. The massive tax cuts are estimated to add more than $1 trillion to budget deficits over 10 years, even after economic growth will be taken into account, according to the CBO.
— CNBC’s Ylan Mui along with also also Mike Calia contributed to of which report.