U.S. House Approves $1.1 Trillion Bill to Finance Government

The House narrowly approved more than $1 trillion in government-wide spending late Thursday night after President Obama and Republicans joined forces to override some Democratic objections. The bill will also ease bank regulations imposed after the financial crisis. Hours before the vote, House Democratic leader Nancy Pelosi delivered a rare public rebuke to Obama, saying she was 'enormously disappointed' he had decided to embrace legislation that she described as an attempt at blackmail by Republicans. There was no threat of a shutdown in federal services. Instead, both houses passed a measure providing a 48-hour extension in existing funding to give the Senate time to act on the larger bill. In addition to the government funding, the bill sets a new course for highly shaky pension plans. A provision in the bill relating to financially failing multi-employer pension plans would allow cuts for current retirees, and supporters said it was part of an effort to prevent a slow-motion collapse of a system that provides retirement income to millions.