Federal agencies would be financed for another month under bipartisan legislation approved by the House on Tuesday, the latest emblem of Congress' persistent inability to finish its budget work on time.
Senate passage, expected perhaps next week, will send the bill to President Joe Biden for his signature. Without that the government would deplete its spending authority on Feb. 18 and have to shutter most of its doors, an election-year embarrassment that neither party wants, and it will not happen.
The bill includes $350 million to address leaking military fuel tanks that have contaminated drinking water near Hawaii's Pearl Harbor, and nearly 6,000 people have complained of illness. The military has moved around 4,000 families into hotels and flown in water treatment systems from the U.S. mainland.
Tuesday's House vote was 272-162. All but one voting Democrat supported the bill, but it was opposed by more than 3 in 4 Republicans, who often use such votes to portray themselves as fiscal conservatives.
The short-term measure would fund government at last year’s levels through March 11. Congressional leaders say they hope that will give bargainers time to reach agreement on overall spending totals, and then write the 12 bills that spell out details on how agencies will spend that money.
Those bills finance everything from the armed forces to programs for education, the environment, veterans and public health. In addition, a portion of the 10-year, $1 trillion infrastructure bill — about $14 billion this year — can't be committed to projects until Congress approves a spending bill formally providing the money.
The government's budget year runs from Oct. 1 through Sept. 30. It's been many years since Congress has finished all its budget bills by Oct. 1 because of partisan fights over priorities.
“No one wins" when Congress has to rely on short-term legislation to finance agencies piecemeal, said Rep. Rosa DeLauro, D-Conn., who chairs the House Appropriations Committee. The top Republican on that panel, Rep. Kay Granger of Texas, said that while no one wants another stopgap bill, “the alternative is much worse" — a reference to a federal shutdown.
The U.S. cannabis industry is on track to hit almost $25 billion in sales, according to New Frontier Data. Vivien Azer, managing director and senior research analyst at Cowen, and Russell Stanley, managing director and equity research at Beacon Securities Limited, join Cheddar News to give their predictions for the budding industry in 2022.
Rep. Earl Blumenauer (D-Ore. 3rd District), the co-chair of the Congressional Cannabis Caucus, joined Cheddar's "Cannabiz" to discuss the state of marijuana legalization on the federal level as more states continue to greenlight medical and adult use. He stated that there couldn't be a better time to revise the old policies on marijuana with more than 90 percent of Americans, including a majority of Republicans, on board. "This tidal wave of support continues. There were five states that approved in the last general election, and I think, rather than one single event, it is this momentum and the demonstration of broad public support that is making the difference," Blumenauer said.
Megan Horneman, Director of Portfolio Strategy at Verdence Capital Advisors, joins Cheddar News' Closing Bell, where she says there is some profit-taking ahead of the upcoming Fed meeting, and elaborates on some of the topics investors will be watching for more closely this week.
Rachel Bachman, senior sports reporter at the Wall Street Journal, joins Cheddar News' Closing Bell, where she explains how U.S. athletes have been inserted into the middle of a political debate after the country declared a diplomatic boycott of the upcoming Olympic Games in Beijing.
Lance Ippolito, Head Trader at the Future Of Wealth, joins Cheddar News' Closing Bell where he discusses the factors that have contributed to the recent slide of major cryptocurrencies like Bitcoin and Ether.
President Biden spoke with Russian President Vladimir Putin for the fourth time this year. Biden and Putin spoke for two hours about the massing of Russian troops and materials near the Russian border with Ukraine. Various outlets have reported that the U.S. has intelligence that Russia could be planning an invasion of Ukraine in the next few months. Both countries said the call was productive, but the situation remains tense.
Hagar Chemali, foreign policy expert and host of "Oh My World!" on YouTube, joins Cheddar Politics to discuss.
A recent Wall Street Journal poll indicated that Hispanic voters are up for grabs for the upcoming midterm elections, with 41 percent of respondents saying they would vote for Democrats and 44 percent for Republicans. Bryanta "Bre" Maxwell, a Democratic Strategist, former political director for Jaime Harrison's senate campaign, and principal and CEO of Indigo Consulting, LLC, joined Cheddar to break down the numbers and to dive into what this specific electorate is looking for as the balance of power in Congress hangs in the balance in 2022.
