Senate easily passes $1.1 trillion spending bill
By ANDREW TAYLOR
WASHINGTON (AP) a¿¿ Congress sent President Barack Obama a $1.1 trillion government-wide spending bill Thursday, easing the harshest effects of last year's automatic budget cuts after tea party critics chastened by October's partial shutdown mounted only a faint protest.
The Senate voted 72-26 for the measure, which cleared the House a little more than 24 hours earlier on a similarly lopsided vote. Obama's signature on the bill was expected in time to prevent any interruption in government funding Saturday at midnight.
The huge bill funds every agency of government, pairing increases for NASA and Army Corps of Engineers construction projects with cuts to the Internal Revenue Service and foreign aid. It pays for implementation of Obama's health care law; a fight over implementing "Obamacare" sparked tea party Republicans to partially shut the government down for 16 days last October.Also included is funding for tighter regulations on financial markets, but at levels lower than the president wanted. The compromise-laden legislation reflects the realities of divided power in Washington and a desire by both Democrats and Republicans for an election-year respite after three years of budget wars that had Congress and the White House lurching from crisis to crisis. Both parties looked upon the measure as a way to ease automatic spending cuts that both the Pentagon and domestic agencies had to begin absorbing last year. All 53 Democrats, two independents and 17 Republicans voted for the bill. The 26 votes against it were all cast by Republicans. The measure advanced to Obama three months after House Republicans called off the government shutdown and sought a scaled-back bargain with Democratic lawmakers and the president. It added the details to the framework laid out by the December bargain between the chairmen of the House and Senate Budget committees. Congress still has to act in the next few weeks to increase the government's borrowing cap to avoid a potentially devastating default on U.S. obligations, but GOP leaders no longer appear to have much enthusiasm for a showdown with Obama over that issue. House Speaker John Boehner, R-Ohio, told reporters Thursday that the government "shouldn't even get close" to a default.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts