Rumble Feed

The Latest Financial and Crypto News Across the Globe

Senate Passes $95B Foreign Aid Bill Supporting Ukrainians, Israelis and Tightening Pressure on China

On Tuesday night, the Senate passed a $95 billion foreign aid package with overwhelming bipartisan support aimed at supporting Ukraine, Israel, and other allies. House Speaker Nancy Pelosi’s signature was already secured on Saturday after it received significant backing in Congress since President Joe Biden made his initial request last summer. However, the bill faced controversy among conservative lawmakers who are skeptical of U.S involvement in foreign conflicts and believe that focus should instead shift to domestic issues such as border security. The package includes $61 billion for Ukraine’s military aid, including air defense munitions, artillery rounds, armored vehicles, and economic assistance worth around $9 billion delivered via “forgivable loans”. Moreover, approximately $26 billion will be used to support Israel with humanitarian relief for the citizens of Gaza. The package also includes provisions aimed at countering China’s growing influence in the region, amounting to about $8 billion. Republicans included legislation that would ban TikTok if its Chinese owner ByteDance fails to sell it by a deadline set under this bill. President Biden is expected to sign the recently passed legislation promptly as Ukraine continues fighting against Russia.

Leave a Reply

Your email address will not be published. Required fields are marked *