US Senate Democratic Leader Harry Reid and House Republican Leader John Boehner have reached an agreement that would continue funding federal government spending for six more months following the expiration of the current fiscal year on September 30th. The two side will draft legislation during the coming August recess and present it to a vote of both bodies during September.
The funding level is set at $1.047 trillion, a level that House conservatives have already opposed. Providing that Boehner can deliver the votes in the House, the agreement extinguishes a possible federal government shutdown at the end of September.
The agreement does nothing to delay, dodge, or otherwise avoid the fiscal cliff approaching at the end of 2012. The expectation that Congress will do its job and prevent the US from falling off the fiscal cliff won’t surface until after the November elections.
Paul Ausick
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.