Government Shutdown Likely to be Averted with Today’s Vote in the House of Representatives

Michael Teague |

Government Shutdown Likely to be Averted with Today’s Vote in the House of RepresentativesWith little fanfare, the Senate voted yesterday 73-26 to send legislation that would avert a government shutdown until September 30th to the House of Representatives. Republicans, who have a majority in the House, will bear most of the responsibility for getting this legislation to President Obama’s desk for signature.

The Wednesday vote comes one week ahead of the deadline, and provides 10 different amendments that seek to dampen the consequences of the sequester cuts that went into effect on March 1st.

The bill will keep government agencies up and running through the end of fiscal year 2013, in a somewhat more bipartisan atmosphere than has been seen in some time, with both parties ostensibly in agreement that a shutdown would have onerous consequences.

The amendments include a transfer of $55 million to the Department of Agriculture’s Food Safety and Inspection Service, so that meatpacking plants will continue to have daily oversight, as well as $250 million for the WIC (Women, Infants and Children) program that is vital to lower-income families.

The amendments are still a stop-gap measure, however. For instance, the $250 million for WIC still leaves the program $350 million short of what it had before sequestration, and this is true across the board.

Also included in the bill is some $100 billion in emergency war-funding.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
PUB People\'s Utah Bancorp 25.10 0.50 2.03 21,432

Comments

Emerging Growth

AfterMaster Inc

Studio One Media Inc is a diversified media and technology company. It is engaged in the development and commercialization of proprietary, edge audio and video technologies for professional and consumer…

Private Markets

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…

Uber

Uber connects riders with safe, reliable, convenient transportation providers at a variety of price-points in cities around the world. Uber makes money from charging their drivers 20% of the fare…