Snags on Policy Differences Holding up Congress' $1.1 Trillion Spending Bill
Tuesday, December 9th, 2014 -- 10:05 AM
(Milwaukee Journal Sentinel) -Ahead of Congress' midnight Thursday deadline, snags caused by policy differences are holding up a $1.1 trillion, government-wide spending bill, including a provision that could lead to pension cuts for more than 1 million retirees and a plan to relax new regulations on some risky financial products.The massive measure is the main piece of unfinished business before the lame-duck Congress packs up for the holidays and Republicans take full control of Capitol Hill next month. GOP leaders want a clean slate to start next year and are eager for a deal. Democrats want a deal as well, while they retain power in the Senate.
Money issues have been worked out, but hang-ups Monday included a demand by House Republicans to ease regulations on businesses that use derivatives to hedge risk. Talks continued on the complicated pension issue, which involves politically tricky legislation to shore up economically distressed multiemployer pension plans by permitting a reduction of benefits for current retirees.
The broader spending measure would fund the day-to-day operations of every federal agency, from the Pentagon to the Border Patrol to the agencies coordinating the government's response to Ebola at home and abroad. Details were closely held but the parameters of the measure came into shape after lengthy negotiations last week and over the weekend.
Feel free to contact us with questions and/or comments.