US Senate Passes $95B Aid Package for Ukraine, Israel, and Taiwan, Including TikTok Sale Provision
The US Senate approved a $95 billion aid package for Ukraine, Israel, and Taiwan, with a provision included for the sale of TikTok as part of the aid sent to President Biden.
Congress has finally passed a much-anticipated $95 billion foreign aid bill after six months of political wrangling, amidst concerns of potential leadership changes in the House.
The Senate overwhelmingly approved the bill on Tuesday with a bipartisan vote of 79-18. The package includes significant allocations: $60 billion for Ukraine, $17 billion for Israel, $9 billion in humanitarian aid for Gaza and other regions, and $8 billion for allies in the Indo-Pacific.
Notably, the legislation contains a provision targeting TikTok’s Chinese parent company, mandating divestment or facing a ban in the United States. Unlike the House, where each provision was voted on separately, Senators had to vote on the entire package as a whole.
President Joe Biden is expected to promptly sign the bill into law, signaling bipartisan support for its contents.
House Speaker Mike Johnson initially opposed the foreign aid package but eventually played a crucial role in advancing it, despite facing threats to his leadership position. Some hard-right lawmakers had threatened to replace him, akin to the removal of former Speaker Kevin McCarthy, over his handling of a government spending bill to avoid a shutdown.
Johnson’s stance evolved over time, influenced by intelligence briefings and discussions with various factions within his party. He expressed a change of heart regarding Ukraine, emphasizing the importance of supporting allies to prevent American involvement in conflicts. His personal connection, with his son joining the Naval Academy, further underscored the gravity of the decision for him.
Developing story, stay tuned for the updates.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.