US Congress reaches deal that may pre­vent govt shut­down

New Straits Times - - Business -

WASH­ING­TON: United States Con­gres­sional lead­ers have reached a deal on a fed­eral spend­ing bill which, if passed by law­mak­ers this week, would avert a gov­ern­ment shut­down, said a top law­maker and Con­gres­sional aides late on Sun­day.

The agree­ment would keep fed­eral op­er­a­tions run­ning through Septem­ber 30, the end of the fis­cal year.

Congress was ex­pected to vote in the com­ing days on the pack­age, which aides said in­cluded US$1.5 bil­lion (RM6.6 bil­lion) in fund­ing for in­creased bor­der se­cu­rity mea­sures, but no fund­ing for an ac­tual wall.

They said it added US$2 bil­lion in new fund­ing for the Na­tional In­sti­tutes of Health, and was ex­pected to in­crease mil­i­tary spend­ing.

Law­mak­ers have un­til Fri­day to get new spend­ing leg­is­la­tion to Pres­i­dent Don­ald Trump’s desk.

“This agree­ment was a good agree­ment for the Amer­i­can peo­ple, and takes the threat of a gov­ern­ment shut­down off the table,” said Se­nate Mi­nor­ity Leader Chuck Schumer.

“The bill en­sures tax­payer dol­lars aren’t used to fund an in­ef­fec­tive bor­der wall, ex­cludes poi­son pill rid­ers, and in­creases in­vest­ments in pro­grammes that the mid­dle-class re­lies on, like med­i­cal re­search, ed­u­ca­tion, and in­fra­struc­ture.”

Mean­while, the Trump ad­min­is­tra­tion’s push to over­haul tax laws might soon tar­get a loop­hole used by some fi­nan­cial man­agers to lower tax rates, said White House chief of staff Reince Priebus on Sun­day.

Trump cam­paigned be­fore the elec­tion to elim­i­nate the so-called “car­ried in­ter­est” loop­hole, which is used by many fi­nan­cial man­agers to lower tax obli­ga­tions. But a rough out­line for a ma­jor tax over­haul re­leased last week failed to men­tion the loop­hole.

Priebus, how­ever, hinted that car­ried-in­ter­est could be on the chop­ping block and warned against an­a­lysts tak­ing the view that fi­nan­cial man­agers would keep on ben­e­fit­ing from it. Agen­cies

Pres­i­dent Don­ald Trump

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