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Congress passes budget deal and heads home for the year - The Washington Post
Keywords:
Senator Mitch McConnell, the U.S. Senate Majority leader, and Speaker Ryan, achieved a win in the U.S. Congress which is expected to set a new trend of bipartisan cooperation, as the House passed the bill in Dec. 2015 for $1.1 trillion spending with a vote of 316 to 113, and the Senate with vote of 65 to 33. The persuasion on the Republican side was based on giving Speaker Ryan a strong hand in negotiations with the White House in 2016. Ryan secured a lifting of the oil export ban for the Republican side in return for flexibility in spending. Ryan deftly sent the issue of Puerto Rico having access to bankruptcy laws to the committe chairmen to come up with a plan in March to get the needed votes. Democrats had pushed for aid to Puerto Rico. Also included in the bill that passed is giving more voice to emerging market countries China and India in the running of the IMF.
U.S. Senate Majority leader Mitch McConnell and the smooth passage of spending legislation in Dec. 2015- setting a new trend for bipartisan agreement in the U.S. Congress
12/18/2015
The passage of the legislation includes lifting of the oil export ban and approval for IMF reforms that give more voice to emerging market nations. Nancy Pelosi, the Democratic leader in the Senate says the Republicans pushed strongly for the lifting of the oil export ban, and offered flexibility in return for other areas for spending. Republican presidential candidates Cruz and Trump were critical of the $1 trillion in spending in the legislation.
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Paul Ryan becomes the new Speaker of the U.S. House of Representatives in October 2015, taking over from Speaker Boehner. The U.S. Congress passed a new budget agreement negotiated with the White House to lift the debt ceiling and budget sequester spending caps till March 2017, allowing $80 billion in new spending. The idea was to give Speaker Ryan a new opportunity to bring together Republicans by avoiding the budget battles of the past. This happens as the U.S. faces new threats overseas and the economic recovery remains stalled in 2015.
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Begium has more votes than Brazil, and China and India have paltry shares. The Economist calls this shamefully shortsighted of the Europeans. It gives Dominique Strauss Kahn, and his Keynesian instincts, a good score for the transformation of the IMF that is underway into a global institution which is friendly to emerging countries. Calls for a change in the quotas at the World Bank and the IMF by emerging market countries.
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This budget deal closes a chapter of gridlock in Washington D.C. and a brief shutdown of the government. Speaker Boehner was able to get it passed in the House of Representatives with only 94 votes against mostly from Tea Party supporters. Ryan described is as "good government even if it is divided government." Boehner was critical of the work of Tea party Congressmen who put the Republican Party in a place where it did not want to be. Ryan draws support from all parts of the poltical spectrum in the Republican Party making this deal workable and passable.
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