Breaking news from Capitol Hill reveals that Congress has pulled back the curtain, unveiling a robust $1.2 trillion plan to sustain most United States government agencies until September 30, 2024. This move comes merely days prior to a Saturday deadline, with a looming threat of a partial government shutdown.
In the details released by the congressional leaders, defense spending is highlighted with an increase of over 3%, pushing the budget to a hefty $886 billion. On the other side of the coin, domestic spending appears to remain mostly unaltered, with a marked increase only proposed for border and immigration agencies.
This financial package has gained support not only from the President Joe Biden, but also from notable leaders across party lines. In a controversial move, this arrangement proposes a 6% cut in the funding for the State Department and foreign operations. Additionally, it places a ban on US embassies from displaying LGBTQ Pride flags or any other non-US official flags, a striking feature considering many US embassies have previously flown such flags.
This fiscal plan provides much-needed certainty for US government agencies. However, the risk of a brief partial government shutdown remains, keeping both lawmakers and citizens on their toes.
More information on Congress’s massive funding plan can be found at Bloomberg Tax.