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The S&P 500 posted its worst month so far, with a 4.9% decline that’s pushed the year-to-date returns for this benchmark index almost in half. With elevated interest rates that may be with us for a while, investors have pushed stocks lower, in a move that has over 10% of large-cap stocks well into oversold territory. We’re talking about names such as McDonalds (MCD), Boeing (BA) and Blackrock (BLK), to name just a few.

The current downtrend in the markets was signaled by a close below the 50-day moving average on heavy volume earlier this month, which was coupled by a move of the RSI and Stochastics  into negative territory. Further weakness followed, with news that the Fed is anticipating an elevated rate scenario for longer than anticipated, pushing stocks even lower.

DAILY CHART OF THE S&P 500 INDEX

Above is a daily chart of the S&P 500, and highlighted are the key characteristics that need to take place before we’re back in an uptrend. To begin, we’ll need this index to close above its 50-day moving average, coupled with a positive RSI and Stochastics. While this may appear far from possibly taking place, a multi-day rally in the mega-cap names such as Microsoft (MSFT) and Alphabet (GOOGL), which led us out of the March pullback, would go a very long way in sparking a reversal.

Outside of price action on the chart of the S&P 500, we’ll need to see interest rates trend lower from their current position. During the mid-March downtrend reversal, the yield on the 10-year Treasury note closed below the widely-watched 4% level after a lower-than-expected CPI report hinted at decelerating inflation. A similar drop in interest rates will be a key needed development to get investors back into these markets.

While we’re on the lookout for the markets to trend higher going into year-end, near term, we may see further weakness heading into next week. While the major indexes rebounded from midweek lows, a continuation rally into Friday was reversed, in a signal that the short-lived rally attempt had ended. The reversal followed news that a federal government shutdown is increasingly likely on Sunday after House Speaker McCarthy’s funding proposal was rejected.

With investor sentiment remaining negative over the near term, this is an ideal time to build out your watchlist for when we return to a more bullish period. For those who’d like to have immediate access to my highly curated watchlist, as well as be alerted to when it’s safe to get back into the markets, use this link here.

Warmly,

Mary Ellen McGonagle

United Auto Workers President Shawn Fain called for 7,000 more employees of Ford and General Motors to go on strike at noon ET Friday.

He said union members at Ford’s Chicago assembly plant and GM’s Lansing Delta Township assembly plant will walk off the job.

‘Sadly, despite our willingness to bargain, Ford and GM have refused to make meaningful progress at the table,’ Fain said Friday.

Stellantis, the third member of Detroit’s Big Three, was spared additional strikes this week. Fain said that reflected recent progress in contract talks between the UAW and the company that builds Jeep, Chrysler and Dodge vehicles.

The latest expansion will mean that about 25,000 of the UAW’s 146,000 members will be on strike as the walkout continues.

Fain started a Facebook Live broadcast almost 30 minutes past its scheduled 10 a.m. start time. He said that was because of productive talks with Stellantis on issues including a cost-of-living allowance and the right to strike over plant closures.

He said talks are continuing with all three companies.

In response to the latest walkout announcement, Gerald Johnson, executive vice president for global manufacturing at GM, said in a statement that ‘calling more strikes is just for the headlines, not real progress.’

“We still have not received a comprehensive counteroffer from UAW leadership to our latest proposal made on September 21,’ he said, adding: ‘The number of people negatively impacted by these strikes is growing and includes our customers who buy and love the products we build.’

In an emailed statement, Ford said it has offered a record contract for its employees, and that ‘The UAW is holding up the deal primarily over battery plants that will not come online for another two to three years.’

Ford is among a number of automakers that have pivoted their businesses toward mass producing electric cars and trucks in addition to the battery components that power the vehicles.

The UAW disputed Ford’s characterization, with Fain accusing Ford CEO Jim Farley of ‘lying’ and that the two parties are ‘far apart on core economic proposals like retirement security and post-retirement healthcare, as well as job security in this EV transition.’

This is the second expansion of the strike since it began two weeks ago. In the first phase, workers struck at one manufacturing facility belonging to each company. In the second, workers walked off the job at dozens of distribution centers belonging to GM and Stellantis.

Fain said Ford was spared last week because of progress in talks with that company.

The move comes three days after President Joe Biden appeared alongside striking UAW members in Wayne County, Michigan. Biden was invited by Fain, and he became the first president to appear on a picket line.

Major demands for the UAW in the strike include a 40% increase in pay over four years, as well as cost-of-living adjustments; greater retirement benefits including pensions, and full pay for a workweek that would be cut to 32 hours from 40.

The automakers have offered record pay increases of about 20%, as well as bonuses and other benefits and the retention of the union’s platinum health care.

The UAW is employing a strategy of announcing targeted strikes with just a few hours’ notice. It’s focusing on key plants that cause other facilities to stop production because of a lack of parts, and it’s trying to goad the companies into further concessions by sparing some of them from additional strikes when they made better offers.

Meanwhile the Big Three have laid off several thousand workers at plants affected by the strikes.

Last Wednesday, General Motors said it idled a manufacturing plant in Kansas, and laid off almost all of the approximately 2,000 people working there.

The automaker said in its announcement that there was no work available for most of the people at the Fairfax assembly plant because workers at another GM facility went on strike Sept. 14.

Additionally, the company said, it could not provide supplemental unemployment benefits “due to the specific circumstances of this situation.”

The same day, Stellantis said it would lay off 68 workers at its Toledo machining plant in Perrysburg, Ohio.

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House lawmakers voted to pass three of four appropriations bills brought to the floor on Thursday night, with defense spending passing along bipartisan lines while their bill on agriculture and FDA spending was sunk by both Republicans and Democrats. 

The House GOP majority has now passed four of the 12 individual spending bills it promised to get across the finish line to fund the government for the next fiscal year. 

The passage is a modest win for House Republicans after over a week of chaos and disagreements that saw multiple attempts to advance spending bills fail or scuttled altogether. However, a government shutdown is still growing likely with less than two days for the House and Senate to agree on a deal before the Oct. 1 midnight deadline. 

Republicans’ defense spending bill passed 218 to 210, with Democrat Reps. Jared Golden of Maine and Marie Gluesenkamp Perez of Washington joining the GOP to pass it. Republican Reps. Tim Burchett of Tennessee and Ken Buck of Colorado voted against it. 

Procedural votes to advance the defense spending bill failed on the House floor twice last week amid disagreements over how to forge ahead with funding the government. 

The bill itself was in danger of failing again earlier this week over GOP objections to $300 million in Ukraine aid in its provisions, but that funding was stripped out in an emergency Rules Committee meeting on Wednesday night. 

A separate vote on whether to send that money to Kyiv saw support from all 210 Democrats present, while over half of the GOP conference voted against it. That bill ultimately passed 311 to 117.

A bill aimed at funding the State Department and foreign operations also passed, despite also being expected to face trouble over Ukraine aid measures. Republican Rep. Marjorie Taylor Greene of Georgia voted against it for that reason. Moderate GOP Rep. Brian Fitzpatrick of Pennsylvania, a supporter of Ukraine aid, also shot it down.

Meanwhile, the same two Democrats who voted for the defense spending bill, despite a host of conservative measures on abortion and transgender care that the left largely opposed, also joined Republicans to pass funding for the Department of Homeland Security.

In the end, however, Republicans could not muster enough support within their conference to pass appropriations for agriculture and the FDA — 27 moderates and farm district conservatives banded together to oppose the bill. The former objected to the limits the bill placed on mail-order abortion medication known as mifepristone, while the latter was uneasy about whether the bill provided enough funding to critical rural initiatives. 

That bill failed in a decisive 191-237 vote.

It is virtually impossible for GOP leaders to shepherd eight more spending bills to the House floor before midnight on Oct. 1. House Speaker Kevin McCarthy is planning to hold a vote on a stopgap funding measure, known as a continuing resolution, on Friday.

However, the Senate and House are still far apart on everything from spending toplines to policy points, meaning lawmakers will likely be left negotiating through a partial government shutdown. 

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A short-term government funding bill with uncertain odds is set to get a House vote today, as the federal government hurdles toward a likely partial shutdown this weekend. 

The House Rules Committee is meeting this morning on a combined stopgap funding bill, known as a continuing resolution (CR), and border security legislation that would keep the government funded for 45 days.

It is expected to cut government spending by about 8% for that duration and include measures from the House GOP’s H.R. 2 border security bill, minus its eVerify provision.

Speaker Kevin McCarthy, R-Calif., told reporters on Thursday that the bill would also create a commission to study the federal debt. 

The bill is scheduled to pass a procedural hurdle later this morning, followed by a final House-wide vote — but its success is uncertain.

Several GOP hardliners — including Reps. Tim Burchett, R-Tenn., Matt Gaetz. R-Fla., and Matt Rosendale, R-Mont., among others — are staunchly opposed to any kind of CR on principle, arguing that it just extends the previous Democrat-controlled Congress’ priorities. 

McCarthy and his allies have expressed frustration at the holdouts and accused them of giving Democrats more leverage to pass a spending bill without conservative priorities. 

‘I think it’ll happen. Now, whether it passes is a different story,’ one GOP lawmaker said of the vote. ‘But at least let people be on record on whether they support a shutdown and keeping the border open.’

Making matters more complicated for the speaker, however, is a letter sent to him by members of the conservative House Freedom Caucus on Thursday demanding a plan for the full fiscal year while threatening to withhold support for the CR until McCarthy provides answers.

‘No Member of Congress can or should be expected to consider supporting a stop-gap funding measure without answers to these reasonable questions,’ the letter said.

Meanwhile, the Democrat-controlled Senate is working on advancing its own CR, which could get a vote this weekend. That bill would simply extend this year’s funding levels for a short duration while also providing billions for U.S. disaster relief and Ukraine aid.

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Conservative pundits reacted to Wednesday night’s GOP presidential debate by calling for the field to narrow while also concluding, along with a poll following the debate, that Gov. Ron DeSantis is the candidate in the best position to go up against former President Trump.

‘Honestly, nothing personal, but I felt Nikki Haley won the obnoxious title in this debate,’ conservative commentator Mark Levin posted on X, formerly known as Twitter.  ‘Lots of personal attacks. Her record as governor is also quite weak. Scott began to address it. Pence, Burgham, Christie need to go. DeSantis was very solid. Actually got a bit more time. But time to thin the herd.’

‘The DeSantis strategy is do well in Iowa, the bottom three or four candidates should drop out at this point, they have no hope,’ Fox News contributor Jason Chaffetz said on FOX Business.

‘It’s a two-man race at this point,’ political commentator Rob Smith posted on X. ‘I believe DeSantis will surprise in Iowa and New Hampshire, and it will completely reset the conversation. I am not paid to promote anyone, I call it as I see it.’

Heritage Foundation President Kevin Roberts posted on X that the debate between Trump and DeSantis is ‘the debate Americans want regardless of who their preferred candidate is.’

‘Tonight’s debate, which was a sideshow, emphasized the need for this idea. America deserves it.’

A 538/Washington Post/Ipsos poll after the debate found that a plurality of voters, 33%, felt DeSantis performed the best, and 54% ranked his performance as excellent or good, the highest of any candidate.

‘DeSantis is the only candidate whose favorability rating competes with Donald Trump’s, though more primary voters are considering voting for Trump over DeSantis,’ the poll stated. 

‘Even as Trump and DeSantis command the GOP primary field among self-identified Republicans, likely Republican primary voters who identify as independents are split between Trump, DeSantis, and Haley.’

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Tributes poured in for longtime Democrat California Sen. Dianne Feinstein, who passed away Thursday evening at the age of 90.

Fox News confirmed Feinstein’s passing and was told flowers were placed on the late senator’s desk Friday morning.

Senate Majority Leader Chuck Schumer, D-N.Y., said it is ‘a very, very sad day for all of us’ and announced he would be speaking at 10 a.m.

Sen. Dick Durbin, D-Ill., said Feinstein was his ‘friend and my seatmate on the Senate Judiciary Committee for over 20 years.’

‘She was always the lady, but she never backed down from a cause that she thought was right,’ Durbin said. ‘She has written a great record in areas like the assault weapons ban, violence against women and so many other areas.’

‘We’ve lost one of the real leaders in the Senate,’ he added.

Sen. John Kennedy, R-La., said in a press release that Feinstein ‘cared about her country and her state.’

‘We didn’t agree politically, but she was a delight to serve with. I so valued our friendship and am praying for all of her loved ones,’ Kennedy said.

Oklahoma Rep. Tom Cole, the Republican chairman of the House Rules Committee, observed a moment of silence for the departed senator during a committee hearing Friday morning.

‘I know many of us had the opportunity to deal with her and certainly all of us on both sides now respect her,’ Cole said.

‘I would ask that, before we proceed, that we observe a moment of silence in recognition and memory of our colleague on the other side of the Rotunda,’ he continued.

Sen. Chuck Grassley, the longtime Republican senator from Iowa, wrote that Feinstein ‘did an outstanding job representing the [people] of California.’

‘I worked closely [with] her as a member of the drug caucus [and] judiciary [committee,] Grassley posted on X, formerly Twitter.

‘During the time I was chair [and] she was ranking Democrat we had a wonderful working relationship,’ Grassley continued. ‘She’s a true public servant I’ll miss her.’

Sen. Marco Rubio, R-Fla., wrote, ‘Senator Feinstein was a political pioneer with a historic career of public service.’

‘Intelligent, hard working [and] always treated everyone with courtesy [and] respect,’ Rubio posted on X. ‘May God grant her eternal rest.’

Rep. Katie Porter, D-Calif., posted that Feinstein ‘was a trailblazer for women in California politics, and her leadership on gun violence prevention and anti-torture made our nation more just.’

‘I wish her loved ones strength during this difficult time,’ she wrote.

‘Senator Dianne Feinstein was a champion for Gun Violence Prevention that broke barriers at all levels of government,’ Rep. Maxwell Frost, D-Fla., posted.

‘We wouldn’t have had an assault weapons ban if it wasn’t for Senator Feinstein and due to her tireless work, we will win it back,’ he continued. ‘May her memory be a blessing.’

Tributes to Feinstein continued to roll in from across the aisle after her passing.

The longtime senator had suffered from extensive health issues for more than a year, leading many to wonder about her fitness for office.

Feinstein was present in the Senate on Wednesday and cast a vote at 11:45 a.m. ET, according to the congressional record. 

However, she missed two votes later in the afternoon. 

Feinstein, the longest-serving female senator, was first elected to the role in 1992.

Fox News Digital’s Chris Pandolfo, Greg Norman, Chad Pergram and Anders Hagstrom contributed reporting.

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The Biden administration unveiled a proposal to reintroduce grizzly bear populations in the federally-managed North Cascades National Park in northern Washington.

The proposal — published in federal filings Friday morning by the National Park Service (NPS) and Fish & Wildlife Service (FWS) — includes three options, two which would involve actively restoring populations of the threatened apex predator species and one ‘no action’ alternative which would maintain current management practices. As part of the announcement, the public is invited to comment through mid-November.

‘If this part of our natural heritage is restored, it should be done in a way that ensures communities, property, and the animals can all coexist peacefully,’ Hugh Morrison, the regional FWS director, said in a statement.

Under the plan Friday, NPS and FWS would release up to seven grizzly bears annually into the North Cascades ecosystem over the course of the next five to 10 years. The administration’s overarching goal would be to establish a grizzly bear population of roughly 200 bears in the coming decades.

According to the announcement, grizzly bears occupied the North Cascades and served as an ‘essential part of the ecosystem’ for thousands of years. However, in the 20th century, as a result of aggressive hunting practices, the species was driven into near extinction and the last confirmed sighting of a grizzly bear in the North Cascades ecosystem was in 1996.  

‘The National Parks Service and Fish and Wildlife Service should end this process immediately by rescinding the draft EIS and proposed 10(j) rule. The introduction of grizzlies into the North Cascades would be devastating for our North Central Washington communities,’ said Congressional Western Caucus Chairman Dan Newhouse, R-Wash. 

‘Time and again, our communities have spoken to express staunch opposition to the introduction of these apex predators, which would be detrimental to our families, wildlife and livestock alike,’ he added. ‘I’m beyond disappointed that the Biden administration is ignoring our concerns by moving forward with the introduction while putting on the façade of seeking more public input after their decision has clearly been made.’

Plans to reintroduce grizzly bears to the North Cascades dates back years to the Obama administration. Then, after significant state opposition led by Newhouse, the Trump administration concluded that grizzly bears would not be restored in the ecosystem. 

Former Interior Secretary David Bernhardt noted in July 2020 that grizzly bears are not in danger of extinction and that his agency could manage populations across their existing range.

But late last year, following extensive litigation from environmental groups, the Biden administration announced it would again review whether to move forward with restoration, a process that led to the proposal Friday.

‘We have previously provided extensive comments opposing grizzly bear reintroduction into our local communities,’ the commissioners of Chelan County, Washington, which is located near North Cascades, wrote to the NPS in late 2022. ‘We continue to oppose grizzly bear reintroduction given the likely negative impacts to public safety, economic development, recreation opportunities and the overall livelihood of our rural communities.’ 

‘The federal agencies leading this effort have generally failed to address these concerns and have failed to engage in any meaningful way Chelan County and other neighboring counties in the proposed grizzly bear restoration area,’ they continued in their letter.

In addition, the Washington Cattlemen’s Association, National Cattlemen’s Beef Association and Public Lands Council have opposed reintroducing grizzly bears to the region over the species potential devastating impact on cattle.

But environmental groups cheered the proposal Friday, saying bears ‘clearly belong’ in the North Cascades.

‘I’m delighted to see that a plan to restore grizzly bears to the North Cascades is moving forward,’ said Andrea Zaccardi, the carnivore conservation legal director at the Center for Biological Diversity. ‘Grizzly bears once thrived in the North Cascades, and this is a good step toward bringing grizzlies back to this vast, wild area where they clearly belong.’

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EXCLUSIVE: House China Committee Chairman Mike Gallagher is introducing a bill that would block immediate family members of officials within the executive branch of the U.S. government from working for certain foreign companies.

The bill, called the ‘Deterring Attempts at Dirty Deals by Youngsters Act’ or the ‘DADDY Act,’ would apply to family members of the president, vice president and cabinet officials, to ensure that immediate family members — like a son, daughter, sister, brother, or in-law — cannot take roles sitting on the boards of foreign companies while their family member holds the office.

The bill would cover immediate family members of the president of the United States; vice president; secretary of State; secretary of the Treasury; secretary of Defense; attorney general; secretary of the Interior; secretary of Agriculture; secretary of Commerce; secretary of Labor; secretary of Health and Human Services; secretary of Transportation; secretary of Energy; secretary of Education; secretary of Veterans Affairs; secretary of Homeland Security; and the director of National Intelligence.

Immediate family is described in the bill as a spouse, child, mother, father, sibling, grandchild, son-in-law, daughter-in-law, sister-in-law, and brother-in-law; as well as adopted and step relatives.

Gallagher’s bill comes amid the House impeachment inquiry against President Biden, and House Republicans’ investigations into the Biden family’s overseas business dealings.

The House Oversight Committee said this week that, through bank records, it has uncovered that the Biden family and their business associates raked in more than $24 million from foreign countries in 2014, 2015, and 2016 — when Joe Biden served as Vice President — through 2019 when he announced his presidential campaign.

Lawmakers have focused in on Hunter Biden’s business deals in China, Ukraine and other foreign nations, as well as his lucrative role on the board of Ukrainian natural gas firm Burisma Holdings while his father served as vice president in the Obama administration and ran Ukraine policy. His former business associates have testified to Congress that Hunter Biden was ‘selling Joe Biden as ‘the brand’ around the world.’

‘Hunter Biden is the ultimate swamp creature,’ Gallagher told Fox News Digital. ‘His shameless degree of influence peddling and profiteering is exactly what’s wrong with Washington, and it’s shocking this kind of behavior isn’t illegal already.’

‘This bill helps end this kind of corruption and ensures any family member of an executive branch official can’t profit off their family’s position in government,’ Gallagher said.

The bill’s focus would be on companies in countries that are adversarial to the United States. It would allow exemptions for companies in NATO countries, members of the Five Eyes Alliance — meaning Australia, Canada, New Zealand, the United Kingdom and the United States as well as Japan, South Korea or Israel.

If passed, violations of the law would be punishable by a fine of up to $250,000, up to five years in prison, or both.

The bill comes after House Oversight Committee Chairman James Comer subpoenaed personal and business bank records belonging to Hunter Biden and the president’s brother, James Biden, as part of the House impeachment inquiry.

‘Bank records don’t lie, and coupled with witness testimony, they reveal that Joe Biden abused his public office for his family’s financial gain,’ Comer said Thursday night, adding that the financial records that his committee has obtained to date ‘reveal a pattern where the Bidens sold access to Joe Biden around the world to enrich the Biden family.’

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A group of GOP hardliners joined Democrats in sinking House Republicans’ stopgap funding bill on Friday, significantly raising the chances of a government shutdown happening over the weekend.

A procedural vote to advance the bill passed earlier in the day, but final passage failed on an 198 to 232 vote. Twenty-one Republicans voted against it, including Reps. Matt Gaetz, R-Fla.; Marjorie Taylor Greene, R-Ga.; and Nancy Mace, R-S.C., among others.

It’s a heavy blow to Speaker Kevin McCarthy, R-Calif., whose leadership has faced public threats throughout the spending battle so far from some in the right flank of his conference. 

Federal government funding expires at the end of the day on Sept. 30. If the House and Senate can’t strike a deal by then, a partial shutdown threatens to force all federal functions deemed ‘nonessential’ to grind to a halt. 

A short-term funding extension, known as a continuing resolution (CR), is almost certainly needed to give lawmakers more time to cobble together 12 individual spending bills for fiscal year 2024.

But Republican leaders have had a hard time so far corralling their conference into some kind of agreement. A faction of conservatives have for weeks said they are opposed to any CR, arguing it would be an extension of the previous Democratically controlled Congress. 

The House GOP’s CR proposal included an amendment to slash spending for its monthlong duration to fiscal 2022 levels, about $130 billion less than the current year’s. It also featured elements from House Republicans’ border security bill, and McCarthy said a new provision would mandate the creation of a bipartisan committee to study the federal debt.

McCarthy and his allies have tried to pressure the holdouts by accusing them of siding with Democrats and giving Senate Majority Leader Chuck Schumer, D-N.Y., as well as the White House more leverage to pass government funding without conservative policy riders. 

The speaker said before the vote on Friday morning, ‘Every member will have to go on record… Are they willing to secure the border or do they side with President Biden on an open border and vote against a measure to keep government open?’

House GOP lawmakers are huddling behind closed doors at 4 p.m. on Friday to discuss a path forward.

McCarthy was asked after exiting the House floor if he has any plan in his back pocket after the CR failed. ‘Nothing right now,’ he replied.

A government shutdown is all but assured now with no agreement on a short-term spending patch. 

The Senate is working on its own CR which would extend current funding levels for 45 days and include additional funding for Ukraine aid and U.S. disaster relief. 

But a straightforward extension of the previous Congress’ spending priorities is a nonstarter for a significant chunk of House Republicans. McCarthy has also pledged not to bring a short-term spending bill that includes Ukraine funding to the floor.

McCarthy did say he was open to working with Schumer on a CR provided it includes border security measures.

Fox News’ Aishah Hasnie contributed to this report.

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A Georgia lawmaker went off at the government funding holdout members of the Republican Party as well as the House Democrats who vote in line with the GOP rebels.

Georgia Republican Rep. Austin Scott torched the ‘Chaos Caucus’ of the House Republicans that threatened to hold up the stopgap funding continuing resolution (CR) that would avoid a government shutdown.

Scott took to the House floor during the debate on the measure, which failed to pass on Friday.

Scott gave a pre-emptive response to Democrat Rep. Rosa DeLauro’s expected retort to him regarding ‘schoolteachers in Georgia,’ noting that his sister is a teacher and gets her salary from the county, like local law enforcement.

‘But how did we get here?’ Scott asked. ‘Now, I’ve heard the left talk about the Chaos Caucus that we have, candidly, as Republicans.’

‘And what gives them the power? Well, it only takes five of them to create a disruption,’ the Georgia Republican said. ‘And how do five get the power?’

‘The five in our party get the power because the 212 of you on the Democratic side are going to vote with them to shut down the government,’ Scott said.

Scott said he admits the 30-day resolution ‘is not perfect,’ but argued it beats ‘a shutdown or the chaos that comes with a shutdown.’

The Georgia Republican also said that the ‘idea that we as Republicans and the American citizens have to eat a $2 trillion deficit, or else you’re going to shut down the government, is absolutely ridiculous.’

‘We’re not at war, we’re not in a recession, and we’re in no health emergency,’ Scott said.

‘Show a little responsibility,’ he added.

DeLauro did not give a retort to Scott’s remarks on the floor, instead reserving her time.

Scott’s words came before the House Republican’s CR failed to pass on Friday with a vote of 198-232.

The bill was expected to cut government spending by about 8% for that duration and include measures from the House GOP’s H.R. 2 border security bill, minus its eVerify provision.

Speaker Kevin McCarthy, R-Calif., told reporters on Thursday that the bill would also create a commission to study the federal debt. 

Fox News Digital’s Elizabeth Elkind contributed reporting.

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