President Barack Obama is preparing to take questions from reporters at the White House before starting his annual Hawaii vacation.
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West Texas Intermediate (WTI) U.S. crude futures were at .41 per barrel, down 35 cents after touching .12, their lowest since February 2009.
Once the House acts, and many expect it will ultimately approve the bill on a narrow margin, the Senate will vote on the package, and it’s expected to pass it and send it the President to sign before the federal government runs out of money at midnight on Tuesday.
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It includes $1.14 trillion for expenses over the next 10 months and $680 billion in tax cuts for business investment, low-income working families and more, Efe news agency reported.
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With the votes, lawmakers wrapped up a surprisingly productive, bipartisan burst of late-session legislation in a divided Congress.
It gives him numerous spending increases he’s demanded all year.
The legislation lifts a four-decades-old ban on US crude oil exports, a historic move that nevertheless will have little immediate effect on oil markets.
The House vote bundled with the spending measure a tax bill that passed on Thursday.
“They wanted big oil so much that they gave away the store”, Pelosi said. Democratic also pushed through higher domestic budgets and tax breaks for working families and renewable energy.
Some Republicans were anxious that the spending bill adds to the federal budget deficit and erodes the fiscal discipline that Republicans in the House of Representatives have become known for in recent years.
“This is a bill that protects America, rebuilds it, and invests in the future”, she said.
Several Democrats, including party leaders in the House, opposed the bill, warning it is not paid for and will only deepen U.S. debt.
Not long after, the Senate voted 65-33 to send the entire package to Obama’s desk, and lawmakers began rushing out the Capitol’s exits to catch flights back home with Congress adjourning until January.
Architects of the deal and congressional leaders worked overtime this week cajoling rank-and-file members on both sides into backing the $1.149 trillion, catch-all bill which came in at more than 2,000 pages.
But they boasted of using their leverage, veto threats from Obama and the GOP’s craving for the oil export ban to extract numerous concessions from Republicans, including five-year extensions of solar and wind tax credits, a top goal for Reid.
The measure contains large spending boosts for veterans and medical research, and funds a familiar roster of grants for transportation projects, first responders and community development.
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Also crammed into the two bills are provisions trimming some of the levies that help finance Obama’s prized 2010 health care overhaul.
