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The proposal is aimed at addressing concerns raised by CFIUS, which said last week that the Japanese company’s takeover of U.S. Steel would lead to a decline in American steel output.

Mike Johnson has faced criticism from ultraconservative lawmakers after backing a temporary spending deal that failed to include Donald Trump’s demands for lifting the U.S. debt ceiling.

The department has in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating.

Despite uncertainty around a presidential election, elevated interest rates and a cooling labor market, economic growth remained solid in 2024.

This is the second high-level Canadian mission to Trump’s Mar-a-Lago resort in the past month, after Prime Minister Justin Trudeau met the incoming leader at the end of November.

In late January, Donald Trump will formally return to the Oval Office as the 47th president. Trump and Republicans on Capitol Hill already have detailed a legislative outlook.

The spending bill would keep the government open through March 14, provide disaster relief and give billions of dollars in economic aid to farmers. It will not suspend the national debt limit.

Trump said on Truth Social that if the European Union does not up its imports, "it is TARIFFS all the way!!!" The U.S. goods and services trade deficit with the EU was $131.3 billion in 2022.

The bill failed by a vote of 235 to 174, with 38 Republicans voting against it in defiance of both Trump and Musk. Nearly all Democrats voted against the spending package.

The drama left Johnson huddling with allies in his Capitol office to come up with a Plan B that would keep the government financed and avoid the political pain of a shutdown come Dec. 21.