Saturday, February 19, 2011

House Approves Bill With Massive Spending Cuts After All-Night Session

WASHINGTON - After an all-night session, House Republicans early Saturday morning passed legislation that would slash $60 billion in government spending between now and the end of September, setting up a showdown with President Barack Obama, who has vowed to veto the measure.

The cuts, which were passed without a single Democratic vote, are aimed primarily at domestic social spending but also have policy goals -- going after the Environmental Protection Agency, the Securities and Exchange Commission, the Consumer Financial Protection Bureau and the Commodity Futures Trading Commission.

Funding for the government runs out on March 4. Obama said on Tuesday he would veto the House version, while Senate Majority Leader Harry Reid (D-Nev.) has promised to remove many of the bill's funding cuts. So Saturday's passage makes a government shutdown more likely, not less.

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