The post The U.S Government Shutdown Averted: Inside the Last-Minute Funding Bill appeared first on Coinpedia Fintech News
The U.S. Government widely anticipated a federal shutdown as they had not agreed on the government spending for the new fiscal year. Republicans in the United States House of Representatives have created a showdown over government spending, fuelled by hard-right demands for substantial cutbacks.
However, President Joe Biden’s moment signatory on a temporary funding bill seems to save the Government or give a little more time until the next imminent shutdown.
Debt Limit Bill – The Bipartisan Bill That Saved the US Government from a Potential Shutdown
The US government had braced itself for impact on Sunday, as both the Houses failed to agree by Saturday. However, at the very last moment, Kevin McCarthy, the Republican House Speaker, showed unity by voting 88-9 in favor of the temporary funding bill. The Bill was immediately passed to President Joe Biden, who signed it, and ultimately, the shutdown was restricted from taking place.
Mr McCarthy chose to put the temporary finance bill that would allow the government to run and implement a vote.
The bill includes funds for natural catastrophes but makes no big compromises on spending levels, a core demand of Republicans in the lower chamber.
The bill also excludes any new aid to Ukraine as against the demands of the Democrats who argued for the continuance of support to Ukraine.
Democrats vs. Republicans – Support for Ukraine
Democrats supported the bill more than Republicans, with up to 90 House Republicans voting against it.
The decision was a setback for a select group of right-wing Republicans who have obstinately demanded expenditure cutbacks and no fresh assistance for Ukraine, stalling deliberations in the chamber.
And because the House adjourned right after the vote, the Senate, which had already agreed to its package, including funding for Ukraine, was forced to take up the House legislation. Only nine senators, all Republicans, abstained.
McCarthy told reporters that he had “tried to pass the most conservative stopgap measure possible,” but “we didn’t have 218 Republicans” and that the last-minute deal was not his intended path.
President Joe Biden asked Speaker Kevin McCarthy to permit a new financial agreement for Ukraine to pass immediately in a statement issued shortly after the Senate decision, in which he said “extreme House Republicans” had attempted to create a “manufactured crisis.”
Biden declared, “We cannot, under any circumstances, allow American support for Ukraine to be interrupted.”
Senior senators from both parties, including minority leader Mitch McConnell, took an uncommon step and issued a joint statement expressing their desire to “ensure the US government continues to provide” assistance to Ukraine in the coming days.