Breaking News - The spending bill that averted a shutdown shrank from more than 1,500 pages to just 100—here’s what was cut
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- Congress avoided a government shutdown after passing a spending bill that was revised from an original version, which Elon Musk and President-elect Donald Trump sank.
The result was legislation that ran just over 100 pages. In addition to funding the government at current levels until mid-March, it provides $110 billion in aid for natural disaster survivors and farmers, while granting an extension to the farm bill.
By contrast, the original version of the spending bill that was negotiated by House Speaker Mike Johnson and congressional Democrats was more than 1,500 pages.
The change came after Elon Musk and President-elect Donald Trump blew up what had looked like a done deal, raising the odds of a government shutdown.
On Wednesday, Musk ripped the bipartisan spending package, calling it one of the worst bills ever written and demanding that it be killed. Trump joined in and threatened any Republican who voted for it, forcing Johnson to scrap the bill that he was defending earlier.
On Thursday, a shorter version backed by Trump failed to pass the House as a bloc of conservative Republicans rejected his demand to increase the debt limit, which wasn't in the earlier bill.
The bill that cleared Congress early Saturday ditched the debt-ceiling boost while also cutting other provisions. But despite slashing the page count, Brian Riedl, a senior fellow at the conservative-leaning Manhattan Institute think tank, told the Washington Post that the new funding deal won't translate to much savings for taxpayers.
That's part due to the fact that some of the language that was taken out wasn't directly related to the budget as must-pass bills often get unrelated "riders" attached to them. Here's what else came out of the spending package.
The original bill sought to reform pharmacy benefit managers, who are the middlemen between drug manufacturers and insurers, by requiring more transparency on prices while tightening pricing requirements in Medicaid and Medicare plans. PBMs have come under more scrutiny lately, and even Trump called them "rich as hell."
Lawmakers also denied themselves a pay hike as the initial spending package called for a 3.8% cost-of-living adjustment to their base salary of $174,000 a year. It would've been their first raise since 2009.
Other provisions that were dropped include a crackdown on "junk fees" charged by ticket sellers and hotels, criminalization of deepfake "revenge porn," further restrictions on U.S. investments in China, funding for pediatric cancer research, and reimbursements for recipients of foods stamps who had their benefits stolen.
While the spending bill also removed language to give the municipal government of Washington, D.C., greater control over RFK stadium, the Senate approved that in a separate vote via a stand-alone bill.
The spending bill that averted a shutdown shrank from more than 1,500 pages to just 100—here's what was cut
The spending bill that cleared Congress didn't include pharmacy benefit manager reforms, a pay raise for lawmakers, and a crackdown on "junk fees."
Kirk Ferentz Talks Hank Brown, Brendan Sullivan, Iowa QB Situation, and more
- By RossWB
- The Press Box
- 2 Replies
There was a lot of QB talk from Kirk Ferentz on Friday, including:
* Iowa's newest QB (Hank Brown)
* adding more players out of the transfer portal
* Brendan Sullivan's health
and more.
iowa.rivals.com
* Iowa's newest QB (Hank Brown)
* adding more players out of the transfer portal
* Brendan Sullivan's health
and more.
Kirk Ferentz Talks Hank Brown, Brendan Sullivan, Iowa QB Situation
Kirk Ferentz talked about Iowa's newest QB commit, adding more players out of the transfer portal, and more.
Party City is going out of business
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First the toy stores and not Party City. Once Amazon is all we have, the prices will go through the roof.
A Party City in Harrisburg, Pennsylvania.
Paul Weaver/SOPA Images/LightRocket/Getty Images
New YorkCNN —
Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned.
CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business.
“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, which was held on a video conference call.
Party City’s “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company’s collapse. Litwin said the company struggled to contend with inflation, which sent the company’s costs higher and dragged down consumer spending.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. “Unfortunately, it’s necessary to commence a winddown process immediately.”
Also on Friday, some of Party City’s store employees received letters that the company would close down stores on February 28, at which point store staff would be terminated.
“Although Party City believes these closings are in the best interest of the company, we regret that we have had to take this step and thank you for your valued contributions and service to the company,” the letter stated.
Party City exited bankruptcy a month after Litwin’s arrival. It had declared bankruptcy in January 2023. The company had struggled to pay off its $1.7 billion debt load, and it was able to cancel nearly $1 billion in debt by going bankrupt. It also managed to keep most of its more-than 800 stores open, although it closed more than 80 locations between the end of 2022 to August 2024, according to its most recent financial documents.
But it still had more than $800 million in debt to overcome, which strained earnings this year.
Party City’s product development team was recalled two weeks ago from its yearly trip with vendors and told to return home immediately, according to a former Party City corporate office employee, who wished to remain anonymous because they were not authorized to speak to the media. The team was told the company believed the trip posed a safety risk, because Party City had stopped paying its suppliers.
All corporate employees were sent home on December 10. Security at corporate headquarters locked the doors to the front entrance. In an email sent to staff on December 11, the company’s security team told employees they needed to provide a one-day heads up to gain access to the building, and they were instructed: “Do not allow anyone to tailgate when entering the building” to avoid letting people in the door who did not have badge access.
On internal Microsoft Teams chats shared with CNN, employees Thursday expressed fury at the lack of communication as news spread of the recalled product development staff. Others had learned that notifications were sent out to store managers that all Party City locations’ doors would be shut in February.
Employees were caught off guard, because management hadn’t mentioned any potential financial trouble at recent town hall meetings. The employee said management had expressed optimism about Party City’s overall business.
On the call with staff Friday, Litwin apologized for the lack of communication.
“We recognize the flow of communication has not been how we typically handle sensitive matters like this,” Litwin said.
Detailing corporate employees’ benefits and severance, Party City’s Chief Human Resources Officer Karen McGowan broke down in tears several times on the short video conference call.
“I certainly know this is a lot to take in,” McGowan said before she paused and teared up. “My apologies.”
Party City is the largest party supply store in the United States. The company had approximately 6,400 full-time and 10,100 part-time workers as of 2021.
The company, which sells balloons, Halloween costumes and other party goods, has stumbled in the face of growing competition from e-commerce sites and pop-up concepts like Spirit Halloween. Competition from big-box retailers like Amazon, Walmart, Costco and others also crushed smaller chains.
It also had to contend with rising costs during the pandemic and a helium shortage, which hurt its crucial balloon business.
The chain joins a growing list of retailer bankruptcies this year as customers cut back on discretionary spending amid the rising cost of living. Notably, Big Lots announced Thursday it was starting “going out of business” sales at all of its locations after a plan for a private equity firm to rescue the bankruptcy retailer failed.
Major chains are on track to close the highest number of stores in 2024 than in any year since 2020, according to Coresight Research.
Party City is going out of business
A Party City in Harrisburg, Pennsylvania.
Paul Weaver/SOPA Images/LightRocket/Getty Images
New YorkCNN —
Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned.
CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business.
“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, which was held on a video conference call.
Party City’s “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company’s collapse. Litwin said the company struggled to contend with inflation, which sent the company’s costs higher and dragged down consumer spending.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. “Unfortunately, it’s necessary to commence a winddown process immediately.”
Also on Friday, some of Party City’s store employees received letters that the company would close down stores on February 28, at which point store staff would be terminated.
“Although Party City believes these closings are in the best interest of the company, we regret that we have had to take this step and thank you for your valued contributions and service to the company,” the letter stated.
Bankruptcy and collapse
The New Jersey-based company announced Litwin as its new CEO just four months ago. In a LinkedIn post he wrote when he was hired, he said the company’s “main priority is to strengthen our financial health, and there is work ahead of us.”Party City exited bankruptcy a month after Litwin’s arrival. It had declared bankruptcy in January 2023. The company had struggled to pay off its $1.7 billion debt load, and it was able to cancel nearly $1 billion in debt by going bankrupt. It also managed to keep most of its more-than 800 stores open, although it closed more than 80 locations between the end of 2022 to August 2024, according to its most recent financial documents.
But it still had more than $800 million in debt to overcome, which strained earnings this year.
An emotional ending
The news of the company’s impending collapse began to trickle out among the company’s corporate staff over the past couple weeks.Party City’s product development team was recalled two weeks ago from its yearly trip with vendors and told to return home immediately, according to a former Party City corporate office employee, who wished to remain anonymous because they were not authorized to speak to the media. The team was told the company believed the trip posed a safety risk, because Party City had stopped paying its suppliers.
All corporate employees were sent home on December 10. Security at corporate headquarters locked the doors to the front entrance. In an email sent to staff on December 11, the company’s security team told employees they needed to provide a one-day heads up to gain access to the building, and they were instructed: “Do not allow anyone to tailgate when entering the building” to avoid letting people in the door who did not have badge access.
On internal Microsoft Teams chats shared with CNN, employees Thursday expressed fury at the lack of communication as news spread of the recalled product development staff. Others had learned that notifications were sent out to store managers that all Party City locations’ doors would be shut in February.
Employees were caught off guard, because management hadn’t mentioned any potential financial trouble at recent town hall meetings. The employee said management had expressed optimism about Party City’s overall business.
On the call with staff Friday, Litwin apologized for the lack of communication.
“We recognize the flow of communication has not been how we typically handle sensitive matters like this,” Litwin said.
Detailing corporate employees’ benefits and severance, Party City’s Chief Human Resources Officer Karen McGowan broke down in tears several times on the short video conference call.
“I certainly know this is a lot to take in,” McGowan said before she paused and teared up. “My apologies.”
Party’s over
Party City is the largest party supply store in the United States. The company had approximately 6,400 full-time and 10,100 part-time workers as of 2021.
The company, which sells balloons, Halloween costumes and other party goods, has stumbled in the face of growing competition from e-commerce sites and pop-up concepts like Spirit Halloween. Competition from big-box retailers like Amazon, Walmart, Costco and others also crushed smaller chains.
It also had to contend with rising costs during the pandemic and a helium shortage, which hurt its crucial balloon business.
The chain joins a growing list of retailer bankruptcies this year as customers cut back on discretionary spending amid the rising cost of living. Notably, Big Lots announced Thursday it was starting “going out of business” sales at all of its locations after a plan for a private equity firm to rescue the bankruptcy retailer failed.
Major chains are on track to close the highest number of stores in 2024 than in any year since 2020, according to Coresight Research.
Iowa remains #1 in NCAA Women’s Rankings
- By Todd Conner
- Iowa Wrestling
- 5 Replies
Iowa remains #1 in NCAA Women’s Rankings
The Iowa Hawkeyes remained ranked #1 in the NWCA NCAA Women’s Coaches Poll. Iowa is #1 with 120 points followed by King at 86 and North Central with 85. The Hawks have five wrestlers that remained ranked #1: Rianne Murphy(103), Brianna Gonzalez(117), Reese Larramendy(145), Kylie Welker(180)...
iowawrestlingblog.com
It is great to be an Iowa Wrestling fan.
Go Hawks!
TNR: In sabotaging Ocasio-Cortez’s bid for leadership of Oversight Committee, party elders have doubled down on a failed strategy
- By Morrison71
- Off Topic
- 37 Replies
Pelosi Won. The Democratic Party Lost.
In sabotaging Alexandria Ocasio-Cortez’s bid for leadership of the Oversight Committee, party elders have doubled down on a failed strategy.
newrepublic.com
Connolly will join fellow septuagenarians in top committee spots next year. Richard Neal, 75, will lead Democrats on Ways and Means while Frank Pallone, 73, will be the party's top representative on Energy and Commerce. Eighty-six-year-old Maxine Waters will be the ranking member on the Financial Services Committee, and Rose DeLauro, 81, will helm the Democrats' presence in Appropriations.
The elderly are not too old to govern. But they may, in this case, be too attached to a failed way of doing things. The job of the Oversight Committee, for instance, is to "ensure the efficiency, effectiveness, and accountability of the federal government and all its agencies," including the Pentagon. Connolly this past cycle accepted $118,500 from political action committees linked to the defense sector. Ways and Means is the House's top tax-writing committee, with jurisdiction over the revenue-related aspects of Social Security and Medicare, among other programs. Neal is a top recipient of donations from the insurance industry, having accepted $412,000 from insurance industry PACs during the 2024 campaign cycle, plus generous six-figure donations from HMOs and pharmaceutical companies. Frank Pallone has gotten more than $1 million from electric utilities since joining Congress in 1998.
In other democracies, the leaderships of parties that have endured humiliating defeats like the one Democrats saw in November—or even just regular defeats—resign. That kicks off a process by which members determine a new, ideally more successful direction, represented by different people. But the Democratic Party isn't really a "party" of the sort that exists in other democracies, with memberships and official constituencies, like unions, who have some say over how it's governed. Members mostly make decisions based on their own interests rather than to drive some shared, democratically decided agenda forward.
But the Groundhog Day of it all adds a special layer of dread: Once again, Pelosi and AOC are fighting a proxy battle over the future of the Democratic Party. In 2020, Pelosi squashed AOC's bid to join Energy and Commerce over a perceived lack of loyalty. Now Pelosi has gotten her way again.
