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The House rejects a Trump-backed spending plan with a government shutdown just hours away, dealing a blow to Speaker Mike Johnson.

We will regroup and we will come up with another solution, so stay tuned.

Plus, Donald Trump threatens the EU with tariffs if it doesn't increase U.S. energy imports and why a

wealth manager is heading down market in search of new business. It's Friday, December 20th.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

The U.S. House of Representatives last night rejected a slimmed down government spending bill

endorsed by President-elect Donald Trump. The revised legislation to avoid a shutdown just after

midnight tonight would have extended government

funding for three months and allocated more than a hundred billion dollars for disaster relief

and aid for farmers. It also stripped out a range of other provisions, including new rules on

pharmacy benefit managers and 9-11 health care funding, and to address Trump's demands,

would have suspended the nation's borrowing limit for two years. However, the bill came up far short

of winning even a simple majority in the GOP-controlled chamber, let alone the two-thirds supermajority

needed to pass through special fast-track procedures, with almost all Democrats and 38 Republicans voting against it.

Among them was Texas Republican Representative Chip Roy, who criticized the last-minute inclusion of language raising the debt ceiling,

something that hadn't figured in weeks of talks as the legislation

took shape.

To take this bill yesterday and congratulate yourself because it's shorter in pages but increases

...