FX168 Financial News (Asia Pacific) Report - On Monday (November 10, local time), U.S. President Donald Trump expressed support for a bipartisan agreement to end the U.S. government shutdown. Bloomberg News stated that this key development makes it possible for the government to reopen within days.
(Screenshot source: Bloomberg News)
Trump Backs Senate Bipartisan Deal to End Government Shutdown
In an interview at the White House Oval Office on Monday, Trump said he supports the deal that cleared a crucial procedural hurdle in the Senate late Sunday night.
"They (the two parties) want to make slight changes to the agreement, but I would say yes, support it," Trump told reporters on Monday. "From what I've heard, they haven't changed anything. We have enough Democratic support, and we will reopen our country. The government shutdown is regrettable, but we will reopen our country very soon."
If the bill passes, it will be sent to the House of Representatives for a vote, then to Trump for his signature to take effect, and only then will the government shutdown end. The House is not currently in session.
When asked if he would reverse the mass layoffs caused by the shutdown, Trump said he would "abide by the agreement."
Driven by the optimistic sentiment, the Dow Jones Industrial Average closed nearly 400 points higher on Monday, the S&P 500 Index rose 1.54%, and the Nasdaq Composite Index surged 2.27%—with the latter two posting their best single-day gains since May.
Senate Majority Whip John Thune said he expects President Trump to sign the bill into law once Congress passes it.
The Senate still needs to complete potentially time-consuming procedures, while House members must return to Washington for their first vote since September 19.
The Senate is expected to hold a final vote on the spending bill later on Monday local time. After that, the bill will be submitted to the House for approval, possibly on Wednesday.
House Speaker Mike Johnson said he will notify House members 36 hours in advance to return to the Capitol once the Senate passes the bill.
Flight delays and food aid disruptions may persist until the government shutdown officially ends. Nevertheless, Republicans celebrated a victory on Monday, with Johnson telling reporters that the 41-day "nightmare" is finally coming to an end.
Supplementary Background (English Translation)
1. Shutdown Root Cause: The shutdown began on October 1, triggered by partisan disputes over enhanced subsidies for the Affordable Care Act. Democrats insisted on voting on funding and healthcare subsidies simultaneously, fearing the latter would be sidelined; Republicans pushed for passing the funding bill first before negotiating subsidies, leading to the failure of 14 previous votes.
2. Core Deal Terms: The temporary spending bill will fund most federal agencies at current levels until January 30, 2026, and provide full-year funding for key agencies including the Department of Agriculture and Department of Veterans Affairs. As a compromise, the Senate Republican leader pledged to vote on extending healthcare subsidies in the second week of December, and agreed to backpay federal workers for the shutdown period and reverse mass layoffs.
3. Severe Social & Economic Losses: During the shutdown, approximately 670,000 federal workers were furloughed, and 730,000 were forced to work without pay; food aid for over 40 million people was temporarily halted, and the civil aviation system cut flights—with over 10,000 flights delayed and nearly 3,000 canceled on November 9 alone. Economically, the 40-day shutdown has reduced GDP by 1.5%, cost the tourism industry about $5 billion, and the Congressional Budget Office estimates a $7 billion economic loss every four weeks.
4. Key Next Steps: Despite Trump’s endorsement, the bill must pass the Senate’s final vote, then the House (expected Wednesday)—with the House Speaker required to give 36 hours’ notice for members to return. However, divisions remain within the Democratic Party.
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