Thursday, 11 December 2014

US House passes $1.1tn budget bill to avert shutdown

The US House of Representatives has passed a $1.1tn budget hours before government was due to shut down at midnight on Thursday.

Breaking news

The Republican measure passed by 219 votes to 206 after President Barack Obama had urged Democrats to support the measure.
It will fund most of the government until September 2015, but some areas will only receive emergency funding.
Republicans won control of both House and Senate in elections last month.
The bill funds the government at the same levels that were negotiated last December.
It also adds emergency funding requested by President Barack Obama, including funds to fight Ebola in West Africa and money for US air strikes against Islamic State in Iraq and Syria.
As presented earlier in the week, the 1,600 page bill also includes a number of provisions intended to gain votes from both parties, including:
  • increasing the amount an individual person can contribute to a national political party from $32,400 to $324,000
  • blocks the District of Columbia from using its own funds to set up regulatory systems for marijuana legalisation
  • measures that would significantly weaken new regulations about risky financial instruments called swaps
  • blocking certain Environmental Protection Agency (EPA) regulations
  • cuts in the budgets of the EPA and the US tax agency
  • increases in the budget for Wall Street regulation agencies, including the Securities and Exchange Commission.
  • http://www.bbc.com/news/world-us-canada-30443960

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