U.S Senate Approves $95B Wartime Aid Package For Israel & Ukraine
In an interesting turn of events, the U.S. Senate recently approved a $95 billion wartime aid package for Ukraine, Israel, and other American allies after facing several challenges and delays. The bill now moves to the Republican-controlled House, where its future is uncertain.
The measure passed with a 70-29 vote, surpassing the necessary 60-vote threshold. Notably, twenty-two Republicans joined most Democrats in supporting the bill. Senate Majority Leader Chuck Schumer highlighted the bill's significance for national security and the security of Western democracy.
Intriguingly, the Senate vote took place before sunrise following an overnight session dominated by speeches from eight hardline Republican opponents of Ukraine aid.
On another front, House Speaker Mike Johnson indicated that it might take weeks or months before the legislation reaches President Joe Biden's desk.
Supporters emphasized the importance of supporting Ukraine to prevent emboldening Russia and safeguarding global democracy. President Biden urged the House to act promptly, warning of significant consequences for America's national security if tyrants are not opposed.
As for its impact on financial markets, the bill's effect on the stocks of companies directly involved in the conflict remains uncertain. Observers are watching closely to see how US politicians navigate their positions regarding war stocks and how the stock market responds during this period.
Recently, Congress members including Representatives Kathy Manning, Kevin Hern, Josh Gottheimer and Gerry Connolly were seen trading stocks related to this war such as Lockheed Martin Corp (LMT:US) and Northrop Grumman Corp (NOC:US).
