Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Public Policy

The US Capitol in Washington, DC, on December 1, 2022 (Photo by Ludovic MARIN / AFP) (Photo by LUDOVIC MARIN/AFP via Getty Images)

By Tyler Hummel Leaders Staff

Tyler Hummel

Tyler Hummel

Tyler Hummel is a news writer for Leaders Media. He was the Fall 2021 College Fix Fellow and Health Care...

Full bio


Learn about our editorial policy

Dec 20, 2022

Rushing a Last-Minute Spending Bill 

Congress is debating whether to pass a huge, 4,000-page, $1.7-trillion year-end spending bill to avoid a government shutdown and fund critical projects. 

Key Details

  • The U.S. Congress is facing a government shutdown on December 24 if it does not agree to pass a spending bill by the end of the congressional session on Friday, December 23. 
  • Congressional leaders filed the 4,155-page, $1.7-trillion bill Tuesday morning and is awaiting passage by the U.S. House of Represenatatives and Senate. Votes are expected by Thursday. 
  • The bill boosts defense by $858 billion, bolsters police spending, provides $45 billion in Ukrainian aid and NATO funds, $41 billion in disaster relief, increases funding to the CHIPS Act with an additional $1.8 billion.
  • It also bans the TikTok app on government devices, boosts inflation relief, and adjusts the electoral college procedure, preventing a Vice President from throwing out votes. 
  • The bill could mark the last major legislation to be passed under the unanimously Democratically controlled congress, with control of the House being taken by Republicans next month.

Why it’s News 

Congress is nearing the deadline to pass the bill before the end of this session. The bill contains many mutual compromises and benefits for both parties in the hope that it can be pushed through without debate or contention, as it will need at least 10 Republican votes to pass the Senate. 

It’s one of the largest spending bills in recent history, and no real discussion was given to paying for it, through cuts elsewhere or through an increase in taxes.

Congressional Republicans are encouraging their colleagues to delay the vote until the next session—arguing that it is unwise to rush through an agreement to spend this amount of money. 

“It could get tied up in the Senate, where any one senator can cause procedural delays that would threaten passage by the deadline. Utah Republican Mike Lee warned on Twitter that senators shouldn’t assume he and others would cooperate with passing the bill by the deadline,” says Bloomberg.  

The next session begins on January 3, 2023. Until then, the government would face another shutdown, furloughing non-essential government employees, halting federal small business loans, and halting some government services. A lengthy debate and negotiation that requires approval from the Republican-controlled House of Representatives could reduce the size of the spending bill but take weeks to pass. 

Senate Minority Leader Mitch McConnell (R-KY) praised the bill saying, “President Biden wanted to cut defense spending and grow liberal domestic spending in real dollars, but Congress is rejecting the Biden administration’s vision and doing the exact opposite.”

Notable Quote 

“The pain of inflation on American families is real, and it is being felt right now across the federal government. From funding for nutrition programs and housing assistance, to home energy costs and college affordability, our bipartisan, bicameral, omnibus appropriations bill directly invests in providing relief from the burden of inflation on the American people,” says Senate Appropriations Chairman Patrick Leahy. 

Says an editorial in The Wall Street Journal: “A bill this large—1,500 pages more than last year’s omnibus—can’t be all bad, and this contains a few bright spots. One is $858 billion for defense, a 9.7% increase. That’s $45 billion more than President Biden sought, and it will backfill dwindling weapons stocks, give military members a 4.6% pay raise, and help stabilize the naval fleet, among other urgent needs.”

Home / News / Rushing a Last-Minute Spending Bill 
Share
FacebookTweetEmailLinkedIn

Related Stories

Regulators Struggle To Understand A.I. 

by Tyler Hummel Leaders Staff
Public Policy

7 hours ago

EU

The rapid proliferation of artificial intelligence (AI) has meant that world governments are struggling to understand the implications of AI as a disruption tool and thus aren’t able to meet the needs of writing regulations for it. 

Key Details

  • The White House released a blueprint in October to address many of the core economic and legal concerns with new technologies, such as algorithmic racial bias, data harvesting, and automation. 
  • The European Union proposed its Artificial Intelligence Act in 2021, litigating uses for AI that it deems high-risk and low-risk, but it hasn’t passed. 
  • Both major proposals were written before ChatGPT was released on November 30, 2022, which sparked four months of rapid innovation and demand for AI applications. 
  • The Chinese government has similarly stated its intention to limit AI, announcing on February 24 that the Ministry of Science and Technology will be monitoring the safety and uses of the technology. 
  • Smaller agencies like the New York City Department of Education and various financial institutions have limited uses of chatbots in specific applications. Still, national-level solutions have been limited, Bloomberg notes.

Go deeper

FacebookTweetEmailLinkedIn

Meta Shelves the Metaverse … Quietly

by Tyler Hummel Leaders Staff
Tech

16 hours ago

Metaverse

After pouring billions into it, Facebook’s delve into virtual reality appears to be a secondary consideration after layoffs and poor sales. 

Key Details

  • Mark Zuckerberg and Facebook parent company Meta Platforms appear to be shying away from metaverse, maintaining that the service has a future but quietly shifting the core focus of the company toward artificial intelligence (AI).  
  • On Tuesday, the company announced another round of mass layoffs, with 10,000 more Meta employees losing their jobs. 
  • On March 3, Meta cut the prices of its flagship Meta Quest Pro products by 33%. 
  • A report from The Verge that same day found metaverse users in the Horizon World’s virtual space only retained 10% of users as regular users. 
  • The metaverse has consistently lost money for the company, including $13.7 billion in 2022, causing investor pushback in an October 2022 investor call.

Go deeper

FacebookTweetEmailLinkedIn

A Bailout Eclipsing That Of 2008 

by Tyler Hummel Leaders Staff
Markets

Mar 18, 2023

FR

The Federal Reserve has handed out hundreds of billions of dollars in the past week to avoid a banking crisis—one that President Joe Biden is eager to prevent from happening again. 

Key Details

  • According to the Federal Reserve’s Thursday report, the central bank lent $297 billion in emergency funds from Friday to Wednesday, in addition to $153 billion in lending against their collateral using “discount windows.” 
  • The spike in loans marked the highest number of requests the Fed has received in decades, eclipsing the 2008 financial crisis’s $111 billion discount window and the COVID pandemic’s $51 billion, Axios reports.    
  • In response to the ongoing turmoil, President Biden called for Congress on Friday to tighten banking regulations and impose penalties on banks “whose mismanagement contributed to their institutions failing.”

Go deeper

FacebookTweetEmailLinkedIn
By the end of Taylor Swift’s Eras Tour, which begins today, the pop star could reach billionaire status
Wealth

Mar 18, 2023

Moving Swiftly To Billionaire Status

by Savannah Young Leaders Staff
Apple is limiting hiring and pausing bonuses for workers company-wide in an effort to reduce costs.
Business

Mar 18, 2023

Apple Cuts Back In Its Own Way

by Savannah Young Leaders Staff
Twitter is shifting its ad strategy—bringing in more lesser-known brands seeking clicks rather than more prominent brands seeking exposure
Business

Mar 17, 2023

Twitter’s Shift In Ad Strategy

by Savannah Young Leaders Staff

Recent Articles

Productivity

Mar 17, 2023

Unlocking Your Inner Drive: How to Motivate Yourself

Make real progress by trying out these techniques for boosting your self-motivation.

Wealth

Mar 15, 2023

Secure Your Family’s Future With Generational Wealth

Find out how to set your family up for a bright future with generational wealth.

Business

Mar 13, 2023

Which of the 16 Work Personality Types Are You?

Work personality types refer to how individuals approach and engage with work tasks, coworkers, and their environments.

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com