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 20.35 0.29 1.45 8,528

Comments

Emerging Growth

Lithium-X Energy Corp.

Lithium X Energy Corp is engaged in exploring and developing lithium resources. Its projects portfolio includes Albemarle's Silver Peak brine evaporation pond project.

Private Markets

POMM

POMM Inc. unveils new Android and iPhone Security and Privacy Solution – a must-have add on to any smartphone user. POMM (Privacy on My Mind™) is a mini-computer encased inside…

XY Find It

Founded by serial entrepreneur Arie Trouw, XY Findables follows a single guiding principle: customers should never lose anything important again. With over 50,000 users around the world, more than 100,000…