The House of Representatives rushed to pass a $1.4 trillion spending bill Tuesday, which will now move to the Senate and President Donald Trump, who need to pass it in order to avoid another government shutdown this weekend.
Two measures were easily passed so the government can remained funded through Sept. 30, 2020. Friday is the deadline to avoid a shutdown like the 35-day standoff that wreaked havoc on Washington and the markets through December 2018 and January of this year.
White House adviser Kellyanne Conway says Trump is “poised” to sign the appropriation bills when they finally land on his desk, according to CNBC.
It did not take long for the House to pass the bill that was released by lawmakers Monday. Along with boosting domestic and military spending, the spending bill has several provisions tacked on.
One of those provisions is the Setting Every Community Up for Retirement Enhancement (SECURE Act), that would provide an overhaul for a number of aspects of retirement in America, including eliminating so-called stretch required minimum withdrawals, which would provide a tax revenue boost.
The bill will also provide funding for Trump’s wall along the U.S.-Mexico border. Despite Trump fighting to increase funding for the fence, the budget allots $1.375 billion for the project, which isn’t an increase over last year.
Other provisions added to the spending bill include an elimination of the so-called “Cadillac Tax” on high-cost insurance plans as part of the Affordable Care Act, otherwise known as “Obamacare.” There is also a bill that will increase the federal age to buy tobacco to 21.
Here are some of the other budget highlights, per CNBC:
- $25 million for gun violence research — the first time Congress has funded it in 20 years
- A 3.1% raise for both military service members and federal civilian employees
- A $22 billion increase in defense spending
- $425 million for election security grants
- $1.5 billion for state grants to address to the opioid crisis