Congress unveils $1.1 trillion plan to fund U.S. government

Budget Deal

The 1,582-page bill sets fiscal year 2014 spending at $1.012 trillion, in line with the enacted December deal. The House Rules Committee plans to meet today to set floor debate procedures for the measure.

“It’s a really good deal,” said House Rules Committee Chairman Pete Sessions, a Texas Republican. “The Senate and the House got together in a good way.”

Lawmakers struggled to trim more than $25 billion from military spending amid lobbying from defense contractors including Lockheed Martin Corp., Boeing Co. and General Dynamics Corp. The top customer for each of the top 10 federal contractors was a unit of the Department of Defense, according to a Bloomberg Government compilation of contracting records.

The bill would cut funding for buying and developing new and upgraded weapons systems and defense technologies, though it would reverse benefit cuts for disabled veterans under the December budget deal.

Veterans Benefits

“We came up with a fix for the disability and survivor part, which is a downpayment,” Mikulski told reporters. She referred specifically to disabled veterans of working age and survivor benefits that were reduced as part of a package of budget cuts included in the December measure to pay for relief from automatic spending cuts known as sequestration.

Several lawmakers said that one of the last unresolved issues had been a proposed $63 billion contribution to the International Monetary Fund’s permanent capital fund. The IMF funding wasn’t in the final legislation, according to a summary provided by the House Appropriations Committee.

The Treasury Department has been seeking for months to boost the U.S.’s share, or quota, at the Washington-based IMF by shifting about $63 billion from an existing credit line. The U.S. is holding up the 2010 agreement by all of the IMF member countries, then totaling 187, to double the fund’s lending capacity to about $733 billion.

Holly Shulman, a Treasury spokeswoman, said in a statement that the department was disappointed that Congress had failed to include the quota funding, adding that “the IMF is critically important to U.S. economic and national security interests.”

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