Crisis Averted: Joe Biden Approves $1.7 Trillion Govt Spending Bill, Avoiding Potential Government Shutdown
In a move to prevent the newly formed Congress from delving into a dispute with Republicans come January, Senate lawmakers passed a $1.7 trillion government funding bill just in the nick of time to make it home for the holidays ahead of winter weather.
The bill made it through the Senate in a 68-29 vote last week, before Congress voted 225-201 on sending it to President Joe Biden’s desk on Friday. The process was painstaking, however, with Congress coming close to postponing negotiations into January, during when Republicans are slated to takeover the House. Among the spending initiatives Democrats passed was $45 billion for Ukraine’s war effort and other NATO members, $38 billion in emergency disaster assistance for the West and Southeast regions of the US recently impacted by natural disasters, as well as $2.6 billion towards prosecuting those involved in the January 6 attack on Capitol Hill.
In a bipartisan agreement, lawmakers also agreed to pass the Electoral Count Act, which asserts the vice president’s role in confirming Electoral College votes during a presidential election, in order to prevent another January 6 insurrection on American politics. The bill also urges US Capitol Police to potentially extend security detail for former House speakers for one year following their abdication of office— likely to the benefit of Nancy Pelosi, who is stepping down come January.
Senators finalized the ban of social media app TikTok on electronic devises used by federal government employees, and approved a new set of tax provisions that will prevent bogus tax breaks on land conservation deals. Military troops will also see their wages increase 4.6%, while the Veteran Administration medical care will see supports increase 22.4%. However, the bill did not include an extension of the Child Tax Credit, and the $9 billion earmarked for fighting the pandemic was also scrapped. Lawmakers also decided not to pass the SAFE Banking Act, which would have made it easier for cannabis companies to get banking services.
Information for this briefing was found via the White House and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.