New Market Perspective
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

New Market Perspective

Politics

House, Senate release bipartisan agreement on government funding as shutdown deadlines loom

by admin January 8, 2024
January 8, 2024
House, Senate release bipartisan agreement on government funding as shutdown deadlines loom
Read this article for free!
Plus get unlimited access to thousands of articles, videos and more with your free account!
Please enter a valid email address.
By entering your email, you are agreeing to Fox News Terms of Service and Privacy Policy, which includes our Notice of Financial Incentive. To access the content, check your email and follow the instructions provided.

House and Senate negotiators reached an agreement on a government funding top line Sunday, taking a critical step toward avoiding a shutdown later this month. 

The bipartisan deal will set the federal government’s discretionary spending at a maximum level of $1.59 trillion, Speaker Mike Johnson, R-La., wrote in a letter to colleagues. It would include $886 billion for defense and $704 billion for nondefense spending, Johnson said.

The $1.59 trillion figure was part of an agreement mandated by the Fiscal Responsibility Act (FRA) last year, a compromise reached during debt limit talks between President Biden and then-Speaker Kevin McCarthy, R-Calif.

Democratic leaders said the final top line would also include an additional $69 billion in nondefense discretionary spending that was part of a McCarthy and Biden side deal at the time. That would bring the total to roughly $1.66 trillion.

Johnson said the new agreement would see some additional cuts to discretionary spending to offset the deal.

‘As has been widely reported, a list of extra-statutory adjustments was agreed upon by negotiators last summer. The agreement today achieves key modifications to the June framework that will secure more than $16 billion in additional spending cuts to offset the discretionary spending levels,’ Johnson’s letter said.

‘As you know, the Senate marked up their appropriations bills $14 billion above the FRA levels and the adjustments. The agreement reached today thus allows for none of that funding, and combined with the additional savings described above, results in an overall $30 billion total reduction from the Senate’s spending plans.’

A GOP aide stressed that the top line agreement would ultimately be a cut to the McCarthy-Biden agreement struck last spring.

‘This deal has the same levels of spending as the FRA deal except with billions more in cuts. Republicans put the screws to Democrats one more time,’ the aide told Fox News Digital. 

Johnson conceded in his letter that ‘these final spending levels will not satisfy everyone, and they do not cut as much spending as many of us would like’ but added, ‘his deal does provide us a path to: 1) move the process forward; 2) reprioritize funding within the topline towards conservative objectives, instead of last year’s Schumer-Pelosi omnibus; and 3) fight for the important policy riders included in our House FY24 bills.’

Democrats also took a victory lap when announcing the deal. Senate Majority Leader Chuck Schumer, D-N.Y., and House Minority Leader Hakeem Jeffries, D-N.Y., released a statement on Sunday touting that the agreement ‘clears thew way for Congress to act over the next few weeks in order to to maintain important funding priorities.’

But there is still a showdown looming on the horizon – Johnson made clear that he still wants conservative policy riders included in the final spending agreement. 

Schumer and Jeffries took a shot at Johnson’s effort in their statement, ‘we have made clear to Speaker Mike Johnson that Democrats will not support including poison pill policy changes in any of the twelve appropriations bills put before the Congress.’

President Biden took a similarly hostile posture toward House Republicans even while holding the deal up as a win.

‘It reflects the funding levels that I negotiated with both parties and signed into law last spring. It rejects deep cuts to programs hardworking families count on, and provides a path to passing full-year funding bills that deliver for the American people and are free of any extreme policies,’ he said of the deal.

‘Now, congressional Republicans must do their job, stop threatening to shut down the government, and fulfill their basic responsibility to fund critical domestic and national security priorities, including my supplemental request. It’s time for them to act.’

Current government funding levels expire partially on Jan. 19, with remaining agencies and offices funded through Feb. 2.

Meanwhile, a growing contingent of GOP hardliners is calling on House Republican leaders to block government funding progress altogether until Democrats make conservative policy concessions to deal with the border crisis. 

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Israel-Hamas war: IDF uncovers evidence of Hamas developing precision missile capabilities with Iran’s help
next post
Israeli president says no plans to expel Palestinians from Gaza after ministers’ comments cause uproar

Related Posts

General involved in Afghanistan withdrawal has promotion confirmed...

December 3, 2024

Elon Musk warns excessive spending will plunge US...

June 4, 2025

Justice Department fires more than a dozen key...

January 28, 2025

Israeli officials confirm Tel Aviv bombing was a...

August 19, 2024

113 House Dems vote against GOP resolution to...

June 10, 2025

Sec Hegseth to visit Panama after Trump’s demands...

April 5, 2025

Trump’s 24th week set to focus on ‘big,...

June 30, 2025

Sen Ted Cruz calls out VP Kamala Harris...

December 16, 2023

Bernie Sanders says Israel shouldn’t receive ‘another nickel’...

May 13, 2024

Biden calls VP Harris ‘president’ at hurricane briefing...

October 12, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Jasmine Crockett rips Trump ‘regime,’ vows ‘solidarity’ with Biden witnesses during House probe

      July 12, 2025
    • Who is Ashley Williams, the longtime Biden aide grilled by House GOP investigators Friday?

      July 12, 2025
    • David Gergen, trusted White House advisor to 4 US presidents across decades, dies at 83

      July 12, 2025
    • Inside longtime Biden aide’s marathon closed-door grilling in House GOP cover-up probe

      July 12, 2025
    • DAVID MARCUS: Trump is flunking his MAGA base’s Jeffrey Epstein test

      July 12, 2025
    • Crypto Market Recap: Bitcoin Hits All-Time High as ETF Inflows and Legislation Align​

      July 12, 2025

    Popular

    • 1

      Top 5 Junior Copper Stocks on the TSXV in 2023

      December 22, 2023
    • 2

      Crypto Market 2023 Year-End Review

      December 22, 2023
    • 3

      Canada Silver Cobalt Begins Drilling at Lowney-Lac Edouard in Quebec, Targeting Nickel-Copper-Cobalt Mineralization

      December 22, 2023
    • 4

      10 Top Oil-producing Countries (Updated 2024)

      October 19, 2024
    • 5

      Powered by rain, this seed carrier could help reforest the most remote areas

      December 19, 2023
    • 6

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 7

      A troubling theory about traders profiting from Hamas’ attack on Israel drew much attention. Why it may not be so simple.

      December 13, 2023

    Categories

    • Business (1,407)
    • Investing (3,493)
    • Politics (4,565)
    • World (4,461)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: newmarketperspective.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 newmarketperspective.com | All Rights Reserved