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News ECONOMY

  • Mar 08, 2013
  • Government shutdown bill passes US House

    Washington inched closer to avoiding a shutdown of the U.S. government, as the Republican-controlled House of Representatives approved legislation aimed at keeping the government open and lessening the impact of sharp spending cuts on the Defense Department.The Senate will next take up the measure, which would renew federal funding after it expires on March 27.Democrats who control the upper chamber hope to extend flexibility in carrying out US$85 billion in automatic, across-the-board spending cuts to departments other than defense and veterans affairs, which are protected in the Republican legislation.The Obama administration and congressional Republicans have begun working together to ease the spending cuts' impact. That marks a reversal for President Barack Obama, who spoke dismissively in recent days of Republican plans for flexibility in administering the cuts.

    Source - http://www.chinapost.com.tw