Congressional Leaders Reach Deal on Federal Spending
US Senate Democratic Leader Harry Reid and House Republican Leader John Boehner have reached an agreement that would continue funding federal government spending for six more months following the expiration of the current fiscal year on September 30th. The two…
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The funding level is set at $1.047 trillion, a level that House conservatives have already opposed. Providing that Boehner can deliver the votes in the House, the agreement extinguishes a possible federal government shutdown at the end of September.
The agreement does nothing to delay, dodge, or otherwise avoid the fiscal cliff approaching at the end of 2012. The expectation that Congress will do its job and prevent the US from falling off the fiscal cliff won’t surface until after the November elections.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.