US congressional leaders have reached an agreement to keep the federal budget funded through early March, a source familiar with the negotiations said on Saturday.
The announcement comes ahead of Jan. 19 and Feb. 2, when federal agencies will be without funding under the two-tranche approach.
The short-term bill, also known as a continuing resolution, would allow continued funding for state spending between March 1 and 8, giving elected officials time to agree on a larger budget and spending details.
A standing resolution must be passed in both houses of Congress to avoid popular appeal.shutdown“, which would have paralyzed the federal government.
Late last week, US lawmakers announced they had reached an agreement on funding for the 2024 fiscal year, setting a ceiling for federal spending at about $1.6 trillion (€1.46 trillion).
In the deal announced by Republican House Speaker Mike Johnson and Democratic congressional leaders, the Pentagon would spend $886 billion and $773 billion on defense.
Short-term fiscal measures are often used to avoid a budget freeze amid frequent political disagreements over how to spend the money and deal with the rising national debt.
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