Economy Update – Legislative Developments
On Saturday, President Donald Trump enacted a temporary spending bill approved by Congress the prior week, effectively averting a partial government shutdown, as stated by a White House announcement.
The Senate voted on Friday to pass the funding legislation with 54 supporting votes against 46 dissenting, sending it to President Trump for his signature.
This Senate decision follows a vote in the Republican-controlled House of Representatives on Tuesday, where the bill was passed by a narrow margin of 217 to 213 votes to prevent a government closure.
The provisions within the bill extend government financing at existing levels until September 30.
Republican lawmakers indicated that the plan would facilitate moderate increases in defense funding, amounting to approximately $6 billion above the fiscal year 2024 levels. However, this increase falls short of the previously established figures for fiscal year 2025, as per the bipartisan spending agreement reached in 2023.
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