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Congress Averts Government Shutdown with Last-Minute Spending Bill

  In a dramatic turn of events, Congress narrowly avoided a government shutdown by passing a crucial spending bill late Friday night. The bill, which extends government funding until mid-March, was approved by the House with a vote of 366 to 34 and later passed by the Senate. This legislation provides $110 billion in relief for natural disaster survivors and aid to farmers, while also extending the farm bill. However, the bill notably excludes President-elect Donald Trump's demand to raise the debt ceiling. Instead, Republicans are considering a handshake deal to raise the debt limit by $1.5 trillion early next year and reduce future government spending by $2.5 trillion. This compromise does not have the force of law and will be revisited in the coming months. The spending package also left out key Democratic priorities, such as funding for pediatric cancer research. Despite these omissions, the bill's passage was seen as a significant achievement for House Speaker Mike Johnson...
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New Tariffs on Canadian Oil and Gas Could Drive Up U.S. Energy Prices

Energy producers are sounding the alarm over proposed tariffs on Canadian oil and gas, warning that such measures could lead to higher prices for U.S. consumers. The Trump administration has announced plans to impose a 25% tariff on all imports from Canada, including energy products, as part of an effort to curb illegal immigration and drug trafficking. 

Canada is the largest supplier of crude oil to the United States, with over 3.8 million barrels per day being imported. Industry experts argue that tariffs would not only hurt the Canadian energy sector but also result in increased costs for American consumers. "Imposing tariffs on Canadian oil would lead to higher gasoline and diesel prices in the U.S.," said Richard Masson, an executive fellow at the University of Calgary's School of Public Policy.

The potential tariffs have sparked concern among U.S. energy producers, who fear that the increased costs could disrupt supply chains and lead to inflation. "This is a lose-lose situation for both countries, added Dennis McConaghy, a former executive with TC Energy. 

As negotiations continue, the energy industry is urging policymakers to consider the broader economic impact of such tariffs and to seek alternative solutions to address the underlying issues.




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