In a significant development, U.S. Congressional leaders have reached a consensus on a bipartisan deal to extend government funding, thereby averting the looming December 20 shutdown deadline.
The legislation, revealed on Tuesday, extends the funding deadline to March 14, 2025. This move allows the incoming Congress and president to decide on the government's funding for the majority of the year. The package includes a one-year farm bill extension, approximately $100 billion in disaster relief, and around $30 billion in disaster and economic assistance for farmers among other authorizations, reported The Hill.
The agreement marks the end of weeks of negotiations over disaster aid and overall funding. This is the final funding agreement of a divided Congress before the new class takes over in January. The bill provides nearly $30 billion in funding for the Federal Emergency Management Agency, following recent concerns about the agency's Disaster Relief Fund.
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More than $2 billion in funding for the Small Business Administration was agreed upon after officials reported that its disaster loan program had exhausted its funds during the hurricane season. The bill also allocates $20 billion for disaster relief for farmers and $10 billion in economic support for farmers.
The legislation also extends the National Flood Insurance Program's authorization and includes measures aimed at pandemic mitigation. The total emergency and disaster funding attached to the continuing resolution amounts to approximately $110 billion, with no offsets included.
Although some Republicans have voiced frustration over the bill's additional provisions and delayed implementation, the House is anticipated to swiftly pass the legislation to prevent a government shutdown ahead of the holidays.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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