Financial News

  • 16 January 2014, 16:08

US House Approves $1.1trn Spending Measure

The Republican-led House has approved a $1.1trn bill financing government agencies this year.

Lawmakers approved the measure 359-67, shunning turmoil of recent budget clashes with a compromise financing everything from airports to war costs and brimming with victories and concessions for both parties.

The Democratic-led Senate plans to vote final approval later this week.

The 1,582-page bill provides money for virtually every federal agency, spending money on everything from airports to war.

It eases many - but not all - of the automatic spending cuts that took effect last year.

The lack of drama flowed from the bipartisan agreement enacted in December that laid out spending totals for the next two years.

The bill approved on Wednesday filled in the details.

Lawmakers from both parties had little taste for an election-year standoff that might have triggered another unpopular government shutdown.

Approving the legislation "is showing the American people we actually are capable of working in a bipartisan manner", said Representative Tom Cole, a Republican.

Mr Cole praised the bill for holding down spending and said passage would be "the responsible thing to do".

Some Democrats said they only supported the bill reluctantly, complaining that despite some increases, spending for education, health and other programmes would still be too low.

"With this bill, we are waste deep in manure instead of neck deep in manure. Hooray, I guess," said Democratic Representative Jim McGovern.

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