Mitch McConnell: US Senate leaders reach two-year budget deal
05:45, Feb 9, 2018
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The budget deal will also be challenged by House Republican fiscal hawks who are opposed to any increases for nondefense spending. Mr. Schumer said it would allocate $6 billion in anti-opioid grants and law enforcement money, $5.8 billion in child care block grants, $4 billion to rebuild veterans hospitals, an additional $2 billion for the National Institutes of Health and $20 billion to fix existing infrastructure.
"They're cutting a deal, they're having discussions with Democrats to support the budget effort, so they know that they're going to lose 60 to 70 Republican votes", Freedom Caucus Chair Mark Meadows, R-N.C., told USA TODAY Thursday.
The bill, released overnight, authorizes the sale of 100 million barrels from the Strategic Oil Reserve to pay for some of the new spending, and raises customs and airport security fees in the next decade. There's also $16 billion to renew a slew of expired tax breaks that Congress seems unable to kill.
The House of Representatives on Tuesday night approved their version of a stopgap spending bill to run the government through March 23 and bolster defense funding.
Sen. Rob Portman said he was "pleased to see both parties come together and reach an agreement to increase funding for our military and make key investments to address this opioid crisis while keeping our government running".
Congress is risking another federal government shutdown as House Republicans on Tuesday approved a temporary bill loaded with extra military spending that will nearly certainly face a filibuster from Democrats - and some Republicans - in the Senate.
Ryan was confident on Thursday morning.
"I think we will".
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It is also suggested that the Rs1.5 lakh ceiling for deduction for principal repayment of housing loan in Section 80C be raised. Otherwise, as it stands now, the deduction is insignificant, especially when clubbed with other tax-saving instruments.
That deal would eliminate strict budget caps, set in 2011 to reduce the federal deficit, and would allow Congress to spend about $200 billion more in the current fiscal year and in fiscal year 2019.
Majority Leader Mitch McConnell unveiled the deal with Minority Leader Chuck Schumer on the Senate floor, which would boost military and non-defense spending by $300 billion over the next two years as well as add more than $80 billion in disaster relief. That would provide time for lawmakers to flesh out legislation for the longer-term spending framework. At issue is legislation to address the dilemma of immigrants left vulnerable by Trump's move to end Obama's Deferred Action for Childhood Arrivals program, or DACA.
But, she said, without a commitment from Ryan to allow a free-flowing debate on immigration protections for DREAMers, "this package does not have my support".
On Wednesday, the White House said it supported the bill. If that scenario plays out, some degree of Democratic support likely will be needed for passage.
But AshLee Strong, a spokeswoman for Speaker Ryan, said the Speaker has already committed to holding votes on immigration.
"We don't need a government shutdown on this", said Rep. Barbara Comstock, R-Va., whose district in the Washington suburbs is home to many federal workers. The lawmaker asked for anonymity to discuss private conversations.
He called his fellow Republicans the party of "big spending" and "big government". Blunt said he expects a Senate vote on Thursday. "The pragmatic members of both conferences should support this". "A Day of Shame is in the offing unless members of Congress who care about Dreamers vote no on a spending caps deal without Dreamer relief", said Frank Sharry, executive director of America's Voice. It would provide more weeks for lawmakers to work out details of the budget deal. Pelosi said she would oppose the accord unless Ryan promises to advance legislation to protect hundreds of thousands of young adult immigrants, known as "Dreamers", brought to the United States illegally as children. She wants that before voting on a government funding deal.
Currency markets were steady, with the euro down 0.2 per cent at $1.2349 and the dollar 0.2 per cent lower at 109.36 yen. Global stock markets plunged on February 5, continuing the already precipitous decline from the week before.
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