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Indebta > Investing > White House, Congress Unveil 2024 Funding Agreement
Investing

White House, Congress Unveil 2024 Funding Agreement

News Room
Last updated: 2024/01/07 at 9:11 PM
By News Room
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Lawmakers revealed the framework of a spending deal that would keep the government running for the rest of 2024, potentially averting a shutdown that has a fast-approaching deadline.

The White House and Democratic and Republican leaders announced the deal on Sunday. The White House said the agreement reflects funding levels agreed to between President Joe Biden and Congress last year and rejects deep cuts.

In a statement, Biden called on Republicans in Congress to “stop threatening to shut down the government, and fulfill their basic responsibility to fund critical domestic and national security priorities, including my supplemental request.”

Biden has asked for $106 billion in supplemental funding for aid for Ukraine, Israel, and border enforcement efforts, among other national security requests.

Senate Majority Leader Chuck Schumer (D., N.Y.) and House Minority Leader Hakeem Jeffries (D., N.Y.) released a joint statement saying the bipartisan framework “clears the way for Congress to act over the next few weeks” to maintain funding priorities and avoid a shutdown of the federal government.

The deal sets a cap on spending at $1.59 trillion, including $886 billion for defense.

Speaker Mike Johnson (R., La.) said the agreement after many weeks of dialogue secures “hard-fought concessions.” Johnson passed a temporary funding extension in the fall that would have hit its first deadline on Jan. 19, with a second looming on Feb. 2.

The $1.59 trillion figure was agreed to last year when lawmakers agreed to lift the U.S. debt ceiling. The deal announced on Sunday provides for $704 billion in nondefense spending, which Republicans were casting as a cut from previous levels.

However, Schumer statement put the number at about $773 billion. The difference has to do with how key features of the deal are treated.

Talking points released by the Speaker’s office said Republicans were still positioned for policy riders and reprioritizing funds under the agreement. Republicans have sought amendments to spending bills to address issues such as restricting abortion access.

Johnson said the deal includes another $10 billion in cuts to previously appropriated money for the Internal Revenue Service. But he acknowledged that the top amount is still higher than what some had wanted and that spending cuts aren’t as deep as some conservatives had demanded.

The announcement comes as Congress is set to return this week after the holiday break.

Write to Liz Moyer at [email protected]

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News Room January 7, 2024 January 7, 2024
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