Today the U.S House of Representatives overwhelmingly voted to prevent a political shutdown of the federal government, extending funding for the federal government for the next sixth months. The legislation is necessary to keep the government running beyond September 30th, the date that marks the end of the current fiscal year, and it is expected to obtain Senate approval later this month. The spending levels in the resolution are consistent with the Budget Control Act, the long-term deficit reduction plan that Congress enacted in August of last year.
"I don't like the level of spending but I and many other conservatives believe it's smart to move this beyond the lame-duck session that occurs after the November election. There's too much business-as-usual spending that gets piled onto the bill in those lame ducks and we simply can't afford that," said U.S. Congressman Kevin Brady, the top Republican on the Joint Economic Committee.
"With the Obama economy ranking as the worst recovery in nearly 70 years and Moody's threatening another downgrade of America's credit, a prolonged government shutdown at the end of the year could only make our economic struggles worse," added Brady. "We need both a significantly stronger economy and strict spending limits if we hope to see a balanced budget again in America, which is what I'm fighting for."
While the House of Representatives has approved a budget each year and approved over $20 trillion in spending cuts, the Senate has not passed a budget in three years.