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US Economy - Page 24

House and Senate budget negotiators are preparing to unveil a two-year budget deal that would avert the threat of another government shutdown and replace the unpopular across-the-board spending cuts known as the sequester. Congress had set a Dec. 13 deadline for budget negotiators to strike a deal. Ref. USAToday

Economy US

Rep. Paul Ryan, R-[Wisdom]., and Sen. Patty Murray, D-Wash., announced they have reached agreement on a two-year budget plan to head off the threat of a January government shutdown. The two lawmakers - who chair the House and Senate Budget Committees - were given a Dec. 13 deadline for reaching a budget agreement. The deal eliminates unpopular across-the-board spending cuts known as the "Sequester" But does not have broad changes in Medicare or other costly entitlement programs. Conservative groups have already objected to the deal because it raises overall federal spending levels above those imposed by the sequester. Ref. USAToday

US Economy History & Civil Business Politics

The U.S. House tonight overwhelmingly passed a bipartisan two-year budget deal and sent the measure to the Senate, which is expected to approve the measure next week. The bill then goes to President Barack Obama for his signature. The White House said earlier it supports the agreement in its present form.

The House deal was ironed out by GOP House Budget Committee Chairman Paul Ryan and his Senate counterpart, Democrat Patty Murray. It would prevent a shutdown like the one that closed the government for 16 days in October.

The deal has exposed a rift among House Republicans over policy and tactics. Speaker John Boehner today escalated his criticism of conservative groups opposed to the budget deal, saying they had lost credibility by rejecting the plan before it was announced and blaming them for pushing legislators into uncomfortable positions. He previously accused them of "Using our members and using the American people for their own goals." Ref. CNN

Page 24 Economy US

A federal budget compromise that already passed the U.S. House cleared a key procedural hurdle today in the Senate, increasing the likelihood it will win final congressional approval this week.

President Barack Obama has signaled his support for the plan worked out by the budget committee leaders in each chamber that would guide government spending into 2015 to defuse the chances of another shutdown such as the one that took place in October.

Today's vote overcame a Republican filibuster attempt that required 60 votes in the 100-member chamber to proceed on the budget measure. The count was 67-33 with 12 Republicans joining majority Democrats and independents in support of the plan.
Final approval in the Senate requires a simple majority of 51 votes. The budget plan easily passed the House last week on a 332-94 vote. Ref. CNN

Economy US

The Senate passed a compromise $1.01 trillion government spending plan that sets federal spending for the 2014 and 2015 fiscal years and will send it to President Barack Obama, who has already signaled his support.

Getting the spending plan through both chambers of Congress is a rare example of budget bipartisanship after two years of confrontation and acrimony between Democrats and Republicans.

The House passed the plan brokered by Republican Rep. Paul Ryan and Democratic Sen. Patty Murray last week by a 332-94 margin. Ref. CNN

US Economy

Wow! The U.S. Economy suddenly looks a lot perkier in the third quarter than originally thought, according to revised data released by the government today.

Gross domestic product -- the broadest measure of economic activity -- grew at a 4.1% annual pace in the third quarter, up from the 2.8% pace that was originally reported in November. The government typically reports its GDP figures at least three times, and today's report is the final number for the third quarter.

This is encouraging news, especially after economists had largely written off the previous GDP revision for the third quarter because much of the growth came from businesses building up their inventories. Ref. CNN

US Economy - Page 24

Despite a recent string of positive economic news, Americans say they aren't feeling the improvements. A new CNN/ORC International poll released Friday showed people were pessimistic that the economy was getting better. Nearly 70% said the economy is generally in poor shape. Ref. CNN

US Economy Politics Business Civil & History - Page 24

Bitter US federal budget battle nearing an end

The Republican-led US House of Representatives is set tomorrow to pass a bipartisan US$1.1 trillion spending bill that would pay for the government's operations through October and finally put to rest the bitter budget battles of last year. Ref. Source 7