U s senate approves 1 4 tr budget likely avoiding shutdown
According to recent news, the US Senate has approved a $1.4 trillion budget deal, which is likely to avoid a government shutdown. Here's a summary of the key points:
Key Takeaways:
- Budget Deal: The Senate approved a two-year budget deal, which sets spending levels for the next two fiscal years (2020 and 2021).
- $1.4 Trillion: The deal allocates $1.4 trillion in spending over the next two years, which is a significant increase from the current spending levels.
- Avoids Shutdown: The agreement is expected to avoid a government shutdown, as it provides a framework for lawmakers to pass spending bills and avoid a lapse in funding.
- Increased Spending: The deal increases spending for defense, domestic programs, and disaster relief, while also reducing the deficit by $135 billion over the next decade.
- Tax Cuts: The agreement includes a provision to extend the 2017 tax cuts for individuals and businesses, which are set to expire in 2025.
What's Next:
- House Vote: The budget deal will now head to the House of Representatives for a vote, where it is expected to pass with bipartisan support.
- Conference Committee: If the House approves the deal, a conference committee will be formed to iron out any differences between the Senate and House versions.
- Signing: Once the deal is finalized, it will be sent to President Trump for signature.
Overall, this budget deal is a significant step forward in avoiding a government shutdown and providing a framework for lawmakers to pass spending bills.