Finances AbroadMaking the complicated simple!

Months of intense cross-party debate has resulted in the US Senate completing congressional approval of a controversial $1.1tn (£700bn) federal budget which will now be sent to President Barack Obama to sign.

Both Democrats and Republicans have made concessions in order to pass the bill, which was settled late Saturday night by a vote of 56-40. If they hadn’t reached a conclusion, there could have been a government shutdown as early as this week.

In a game of cat and mouse, Republicans had sought to pressurise President Obama into abandoning controversial new immigration plans by ensuring only partial funding for the Department of Homeland Security.

Republicans will hold a majority in both houses of Congress, from January onwards, which they will try to use to block the adoption of President Obama's amnesty program for some illegal immigrants.

Democrats were unhappy at the repeal of financial regulation clauses. But others rightly said that it was hard to vote against the bill considering its scope and the fact the Democrats will be in a worse position to negotiate next year.

The bill had already cleared the House of Representatives in a close and contentious vote on Thursday.

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Government Changes, Market watch, World Economy

By admin

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