"trillion-dollar-spending-bill-news"A 1.1 trillion dollar spending bill has been put forward by congressional negotiators in a bid to prevent another government shutdown.

A government shutdown could occur at midnight tonight if a deal is not made quickly within government, with the shutdown potentially lasting until February.

Problems that have led to the potential shutdown stem from the controversial immigration reform that has been put forward by President Obama.

Members of the Republican party are vehemently opposed to the immigration plans but negotiations are going to avoid the shutdown with the Republicans negotiating  many elements including the environment and financial derivatives trading.

According to Reuters, the measure was expected to be put to a House of Representatives vote today. But to enable Senate passage, a short-term extension of one or two days was being prepared, congressional aides said.

“This bill will allow us to fulfil our constitutional duty to responsibly fund the federal government and avoid a shutdown,” House Appropriations Committee Chairman Hal Rogers said in a statement.

The details of the measure include many unchanged fiscal 2015 domestic spending elements, while it also adds to funding to support the fight against Islamic State militants in Iraq and Syria and to help to combat Ebola in West Africa.

The measure goes to fund all government agencies up until September 2015, except for the Department of Homeland Security, which would be extended only until February 27.

According to Reuters, the move to only provide funding until February for Homeland Security is aimed at giving the Republicans leverage over the agency implementing Obama’s immigration order.

It is said that when the Republicans take over both the House and the Senate next year that they plan to impose restrictions to the immigration bill that has been drafted to allow millions of currently illegal immigrants the provision to stay and work legally within the United States.

One of the issues delaying the passing of the measures to prevent government shutdown is said to have been relating to Republican efforts to block new curbs on derivatives trade that would require banks to shift these activities to units that do not benefit from federal deposit insurance and Federal Reserve loans, according to Reuters.

To be able to move forward a compromise has been reached between the parties leading to a bill which will grant a reprieve for derivatives trades on behalf of farmers and other commodity producers, who had feared the rule would require them to put up more collateral.

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An avid reader, I consistently engage myself in the areas of current affairs and understanding of international relations, whilst at the same time, am interested in the area of economics and understanding the roles of economic concerns in the political economy. You can follow The Heralding on Twitter, Facebook, Pinterest & Google+. Alternatively subscribe to our newsletter to be kept up to date with the latest articles on the Heralding.

1 Comment

  • Jim Liston

    Congress will probably pass a short-term measure to delay voting until early next year, when Republicans will have more leverage. I think the NY Times quote of Representative Tom Cole, Republican of Oklahoma, sums it up: “Why in the world would you pick a bar fight three weeks before the end
    of the year, when your buddies are coming on Jan. 1?”

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