US lawmakers are on the clock

Congressional negotiators unveiled a $1.66 trillion spending package yesterday, aimed at avoiding a government shutdown ahead of Friday’s midnight deadline.

The 4,155-page bill (😳) features over $770 billion in non-defense discretionary spending, a 5.5% increase over last year. It also calls for nearly $860 billion in defense funding, representing a 10% annual bump.

• The new spending package contains all 12 annual appropriations bills Congress must pass to fund the government for the remainder of the fiscal year (through September 2023).

📑 Odds and ends… This so-called omnibus spending package also contains a group of bills unrelated to the federal budget (hence the term “omnibus”), including:

• A measure that would ban TikTok from all government-issued phones and devices.
• Legislation to reform the 1887 Electoral Count Act that, among other things, would increase the threshold needed for Congress to object to a state’s presidential electors.
• A bill that would change the design of 401(k)s and similar retirement plans, with the aim of improving savings opportunities for workers.

👀 Looking ahead… Leaders from both parties have signaled their support for the legislation, which is expected to pass both chambers and be signed into law sometime before the Friday midnight deadline.

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