House Passes Six Month Funding Bill

The U.S. House just passed, 329-91, H.J. R 117 a six month funding bill (continuing resolution) to keep government open from Oct 1, 2012 thru March, 31, 2013. This $1.047 trillion funding level for the first half of the year will be in effect when either Barack Obama or Mitt Romney is sworn in as president.

The bill includes $6.4 billion for the FEMA Disaster Relief Fund and $88.5 billion in “war-related funding” for ongoing overseas military operations. It also freezes federal employees pay during the six month period.

The bill does not address the deep automatic spending cuts and dramatic tax increases that will go into effect January 1, 2013. The Congressional Budget Office (CBO) reports that a failure to address these situations could send our economy back into a major recession.

In other words, on January 1, 2013: The government goes over the “fiscal cliff” with automatic tax hikes and spending cuts set to take effect.

The bill now go to the U.S. Senate where it is expected to pass.

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Tags: U.S House, Continuing resolution, government funding To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!