Thursday, October 30, 2014   

US lawmakers agree on US$1 trillion spending bill
(01-14 12:17)

Negotiators from the US Senate and House of Representatives unveiled a US$1 trillion spending bill late Monday, eliminating the threat of another government shutdown, at least until October.
The high-stakes omnibus spending bill sets discretionary spending limits line by line for each federal agency until September 30, when the 2014 fiscal year ends.
“We are pleased to have come to a fair, bipartisan agreement on funding the government for 2014,'' said the negotiators, including Senate Appropriations Committee Chairwoman Barbara Mikulski, a Democrat, AFP reports.
“Although our differences were many and our deadline short, we were able to a draft a solid piece of legislation that meets the guidelines of the Ryan-Murray deal [on the budget in December], keeps the government open and eliminates the uncertainty and economic instability of stop-gap governing.''
In addition to Mikulski, other members of the negotiating team included House Appropriations Committee Chairman Hal Rogers, the panel's top Democrat Nita Lowey and the Senate Appropriations Committee's top Republican Richard Shelby.
The new consolidated appropriations bill provides US$1.012 trillion to operate the federal government, not including social services and foreign military operations.
Because the agreement was the fruit of bipartisan negotiations between Republican and Democrats, it is likely to get adopted quickly by Congress this week, averting another shutdown crisis.
After two years of historic reductions, federal expenditures were set to rise again in 2014 as the deal erases painful and automatic spending cuts that were due to kick in on January 1 for the next two years.
Military spending, which had been set for net reductions, will increase slightly.
On top of top will come an additional US$92 billion for foreign US military operations, mainly the war in Afghanistan, and US$6.5 billion for extraordinary expenses linked to natural disasters.
The discretionary budget, which must be approved by Congress each year, only represents about a third of federal public spending.

   
Other Business breaking news:
Athens stock market down 3.6pc (10-30 18:36)
Toshiba half-year net profit surges (10-30 17:27)
German jobless total falls in October (10-30 17:23)
VW confirms full-year targets after 'robust' Q3 (10-30 16:58)
Spanish economy expands by 0.5% in Q3 (10-30 16:58)
European stocks advance at open (10-30 16:57)
Hang Seng finishes lower (10-30 16:35)
Lufthansa cuts 2015 forecast on global economic slowdown (10-30 16:05)
Bayer raises forecasts for 2014 after strong Q3 (10-30 16:04)
NEC rebounds from losses on smartphone exit (10-30 15:25)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.