US Congressional leaders have agreed to maintain funding for the federal budget until early March, a source familiar with the negotiations told AFP on Saturday.
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The announcement comes just ahead of the Jan. 19 and Feb. 2 deadlines, dates when federal agencies would have run out of funding under the two-tranche approach.
The short-term bill, also known as a permanent resolution, will allow the government to continue funding government spending through March 1 and March 8, the source said, giving elected officials time to prepare for a larger budget and the Agree on details of expenditure.
The permanent resolution must be approved by both houses of Congress so that the country can avoid the famous “shutdown” that would have paralyzed the federal state.
Last weekend, U.S. lawmakers announced they had reached an agreement on overall funding for the 2024 fiscal year, capping federal spending at about $1.6 trillion (C$2.146 billion).
The deal, announced by Republican House Speaker Mike Johnson and Democratic congressional leaders, includes an $886 billion increase in Pentagon spending and $773 billion in untied discretionary funds. to the defense.
Short-term financing measures are often used to avoid budget paralysis amid frequent political disagreements over how to use the money and how to deal with rising national debt.