U.S. House passed a $1.7 trillion bill funding federal government

The U.S. House of Representatives granted a $1.7 trillion bill for funding the federal government. The target is to cover up the remaining fiscal year. It will beat the midnight deadline to avoid a partial shutdown of the federal agencies.

The legislation offers $772.5 billion for nondefense discretionary programs. Also, it provides $858 billion in defense funding. The figures represented a 5% increase in nondefense spending. Also, it offered an 8% hike for the national defense and Pentagon.

The funding measure has passed the U.S. Senate by a vote of 68-29. Now, the house has approved this, and the bill goes straight to Joe Biden. However, he is eager to sign it into law with the federal government.

Approval of the omnibus legislation in the House and Senate represents Biden’s latest bipartisan win.

Also, it is a great achievement for Nancy Pelosi, the House Speaker. The California Democrat is also planning to step down from leadership in the next Congress. On 3rd Jan 2023, Republicans are going to take over the chamber.

The House vote came after Volodymyr Zelenskyy, the president of Ukraine, visited Washington. He urged the lawmakers to keep funding the war of independence of his nation.

The bill also offers $40 billion in new funding for tribal reservations and states. It will also help the communities recover from natural disasters like major storms and wildfires. $1 billion is available for the poor nations struggling with climate change. And the federal government is making this easier for Americans saving for their retirement.

New amendments are also there, which the Senate approved. One such is the fee structure for corporate mergers. It also makes sure that the small mergers will pay fewer fees and the large mergers will pay more.

The role of the vice president is ceremonial. He cannot reject electoral votes that the individual states have certified.

Credits: CNBC