Senate easily passes $1.1 trillion spending bill
It cuts off funding for high-speed rail projects that Republicans think are expensive boondoggles and denies the Obama administration funding for International Monetary Fund reforms that would give emerging economies like China, India and Brazil more sway with IMF decisions.
Veterans' programs get an almost 4 percent increase fueled by medical programs and a provision exempts that disabled veterans and surviving military spouses from a pension cut enacted last month. But Boehner signaled in a brief hallway conversation with The Associated Press that he would oppose a broader drive to repeal the entire pension provision, which saves $6 billion over the coming decade by reducing the annual cost-of-living adjustment for working age military retirees by 1 percentage point.
The bill adheres to Boehner's edict against earmarks, the parochial provisions that used to carve out billions of dollars each year for lawmakers' districts and states. Earmarks, which blossomed when Republicans controlled Congress over 1995-2006, had created a "pay-to-play" culture in which lobbyists and their business clients sometimes appeared to trade campaign money for government cash. Whether powerful lawmakers have used their influence more privately to sometimes achieve the same ends is an unanswered question in Washington.
The National Institutes of Health's proposed budget of $29.9 billion falls short of the $31 billion budget it won when Democrats controlled Congress. Democrats did win a $100 million increase, to $600 million, for so-called TIGER grants for high-priority transportation infrastructure projects, a program that started with a 2009 economic stimulus bill.Civilian federal workers would get their first pay hike in four years, a 1 percent cost-of-living increase. Democrats celebrated winning an addition $1 billion over last year for the Head Start early childhood education program and excluding from the bill a host of conservative policy "riders" advanced by the GOP. Rogers won two provisions backed by the coal industry. One would block the EPA and Corps of Engineers from working on new rules on "fill material" related to the mountain top removal mining. Another would keep the door open for Export-Import Bank financing of coal power plants overseas.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV