House Speaker Mike Johnson has unveiled a new $1.2 trillion spending package to keep the federal government funded throughout the remainder of FY 2024 in a bipartisan compromise bill that cuts $20 billion from the Internal Revenue Service, and provides massive funds for defense and homeland security, among many others.
The introduction of the bill Thursday morning means it will have to bypass the traditional 72-hour review window to get it over the finish line before the government partially shuts down at midnight Friday. The Senate is ready to bring the bill to the floor.
“This funding agreement between the White House and Congressional leaders is good news that comes in the nick of time: when passed it will extinguish any more shutdown threats for the rest of the fiscal year, it will avoid the scythe of budget sequestration and it will keep the government open without cuts or poison pill riders,” Senate Majority Leader Chuck Schumer said. “It’s now the job of the House Republican leadership to move this package ASAP.”
“The Senate will need bipartisan cooperation to pass it before Friday’s deadline and avoid a shutdown,” Schumer said.
Bloomberg News
On top of the $20 billion cut to the IRS, this package includes funding for the Departments of Defense, Education, Health and Human Services, Homeland Security, Labor, State and Treasury, including $55 million in new Election Security Grant funding for states, a $1 billion increase in funding for the Department of Health and Human Services, among many others.
This $1.2 trillion dollar “minibus” package is the second to be released this month. The
Of the new package, Murray said Congress “had to work with tough constraints but this bill invests in families and will keep our country moving forward. We defeated outlandish cuts that would have been a gut punch for American families and our economy–and we fought off scores of extreme policies that would have restricted Americans’ fundamental freedoms, hurt consumers while giving giant corporations an unfair advantage, and turned back the clock on historic climate action.”
“Overall, during the FY24 appropriations process, House Republicans have achieved significant conservative policy wins, rejected extreme Democrat proposals, and imposed substantial cuts to wasteful agencies and programs while strengthening border security and national defense,” House Speaker Mike Johnson said.