US President Trump joined an exclusive club on Wednesday, December 18th 2019, but one he most likely wanted to avoid. He became the third impeached president in US history. The House of Representatives passed the measure and on the counts of abuse of power and obstruction of Congress. The first impeached president dates back to 1868 with Andrew Johnson, followed in 1998 with Bill Clinton. Richard Nixon resigned in 1974 before he was impeached. No president was ever convicted by the Senate.
The House of Representatives voted 230-197-1 on the count of abuse of power, and 229-198-1 on the count of obstruction of Congress. Impeachment proceedings will now be sent to the Senate, where a two-thirds majority is required to remove a sitting president. Republicans control the Senate with a 53-47 majority which means that President Trump is relatively safe to be acquitted of both charges and remain in the Oval Office.
After the House of Representatives passed the impeachment on two counts, Trump tweeted: “So after the Democrats gave me no Due Process in the House, no lawyers, no witnesses, no nothing, they now want to tell the Senate how to run their trial. Actually, they have zero proof of anything, they will never even show up. They want out. I want an immediate trial!” White House counsel Pat Cipollone is expected to lead Trump’s defense in the Senate, but Trump may enhance his defense team.
Senate Majority Leader Mitch McConnell and Democratic Leader Chuck Schumer failed to reach an agreement during a 20-minute private meeting. The spokesman for Senator Schumer, Justin Goodman, added that “Senator Schumer asked Senator McConnell to consider Senator Schumer’s proposal over the holidays because Senator Schumer and his caucus believe the witnesses and documents are essential to a fair Senate trial.” The articles of impeachment have not been submitted to the Senate yet. House Leader Pelosi delayed the process until the Senate can reach a deal on the rules governing the impeachment trial.
Trump told reporters that “I don't feel like I'm being impeached because it's a hoax, it's a setup. It's a horrible thing they did.” Some aides suggested that Trump may engage in staunch self-defense and convince Americans that the impeachment process was politically motivated, based on false charges. The economy is performing well and will support whatever defense the administration will present. The Republican party is anticipated to remain united behind the president as the 2020 election campaign is heating up.
At least one House Democrat, Jeff Van Drew, opposed the impeachment process and is now joining the Republican party. He met with President Trump, Vice President Mike Pence, and House GOP Leader Kevin McCarthy. Van Drew noted that “I think they were very kind, very gracious, very nice, very supportive. And I appreciated that.” While Democrats released a memo claiming they will win the seat back next year, Van Drew claims to have 70% of his district behind him.
The National Republican Congressional Committee chairman, Tom Emmer, added that “This is now a Republican seat and we will fight tooth and nail to ensure it remains a Republican seat.” In the meantime, the impeachment process will continue, but one Republican official commented that “I don't think impeachment will get more popular over the break.” It is unlikely that there will be negative consequences for Trump as the Senate is expected to acquit him of any wrongdoing. The Democrats may have handed Trump and the Republicans a Christmas present, as an acquittal may further enhance his re-election chances.
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The USDTRY accelerated into its horizontal resistance area, but a double top chart pattern is expected to push this currency pair into a correction. Turkey’s economy is showing signs of a rebound and set to return to a healthy growth rate next year. At the same time, the US economy is predicted to underperform. A breakdown is anticipated to take price action into its next horizontal support level. The CCI is trading in extreme overbought territory from where a breakdown is expected. Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month!
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Gold is favored to outperform as an uncertain 2020 is approaching. It completed a breakout above its horizontal support area and bullish momentum is increasing. Price action is now expected to accelerate through its secondary descending resistance level. A breakout above its horizontal resistance level will take this precious metal back into its horizontal resistance area. The CCI has completed a bullish momentum crossover and more upside is favored. Follow the PaxForex Daily Forex Technical Analysis and grow your balance trade-by-trade!
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