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US House passes $1.1tn budget bill to avert shutdown US Senate takes up contentious $1.1tn budget bill
(about 9 hours later)
The US House of Representatives has passed a $1.1tn budget, hours before government was due to shut down at midnight on Thursday. The US Senate is set to vote on a $1.1tn (£700bn) budget a day after it cleared the House of Representatives in a close and contentious vote.
The Republican measure was passed by 219 votes to 206 after President Barack Obama had urged Democrats to support the budget. The measure passed by 219-206 after President Barack Obama urged Democrats to support it despite objections the bill would weaken key bank regulations.
It will fund most of the government until September 2015, but some areas will only receive short-term funding. It will fund most of the government until September 2015, with the exception of one agency.
Republicans won control of both House and Senate in elections last month.Republicans won control of both House and Senate in elections last month.
A relieved John Boehner, the Republicans' House leader, said: "Thank you and Merry Christmas."A relieved John Boehner, the Republicans' House leader, said: "Thank you and Merry Christmas."
Fifty-seven Democrats voted for the bill, but others were angry about the president's call for support of the Republican bill, with Democratic House leader Nancy Pelosi saying she was "enormously disappointed" at Mr Obama's position. Congress also passed a separate measure to prevent a government shutdown on Thursday until the budget work is complete.
Immigration issue
The Republicans strongly oppose President Obama's immigration reforms and so the bill only funds the Department of Homeland Security until February.
Republicans hope that when the new Congress meets at the start of next year, they can force changes to the president's immigration plans.
The budget bill must now be passed by the Senate and sent to the president to sign into law.
A two-day extension of government funding was approved by the Senate on Thursday to give it time to pass the main budget.
Senate Majority leader Harry Reid said that his chamber would begin looking at the legislation on Friday.Senate Majority leader Harry Reid said that his chamber would begin looking at the legislation on Friday.
The bill funds the government at the same levels that were negotiated last December. Analysis - Kim Gittleson, BBC News, New York
It also adds emergency funding requested by President Barack Obama, including funds to fight Ebola in West Africa and money for US air strikes against militant group Islamic State in Iraq and Syria. At the behest of Wall Street's biggest banks, Republican lawmakers had inserted a line that repealed one of the signature provisions of the 2010 Dodd-Frank financial reform bill.
As presented earlier in the week, the 1,600-page bill also includes a number of provisions intended to gain votes from both parties, including: This provision, Section 716, required banks to put portions of their riskier derivatives businesses into holding companies. The idea was to separate some of the bank's riskier trading in things like credit default swaps and commodities into a separate entity not insured by US taxpayers. But banks have balked at the rule since it was passed in 2010.
A number of Democrats were unhappy at what they saw as unnecessary concessions made to Republicans in order to pass the bill. Citigroup, one of the country's largest banks, wrote a measure repealing the provision, and with help from JP Morgan's Jamie Dimon, managed to get Republicans to include it in the final $1.1bn budget bill.
Unsurprisingly, this angered many liberal Democrats - and even conservative Tea Party members - who saw it as a dirty play by Wall Street to force a Congress desperately in need of passing a spending bill into doing the banks' bidding.
But with a US public tired of fiscal brinksmanship - and a newly empowered Republican majority - it seems that the bill will pass. Once more, US taxpayers will be tied inextricably to obscure, and risky, Wall Street activities.
Fifty-seven Democrats voted for the House bill, but others were angry about the president's call for support of the Republican bill.
Democratic House leader Nancy Pelosi saying she was "enormously disappointed" at Mr Obama's position, describing a provision added to the budget to loosen regulations on risky financial instruments as legislative blackmail by Republicans.
"We don't like lobbying that is being done by the president or anybody else that allows us to... give a big gift to Wall Street," Democrat congresswoman Maxine Waters said."We don't like lobbying that is being done by the president or anybody else that allows us to... give a big gift to Wall Street," Democrat congresswoman Maxine Waters said.
For their part, several Republicans argued that the deal did not go far enough in putting curbs on President Obama's plan to grant work visas to millions of workers who had entered the US illegally. But other said it was hard to vote against the bill considering its scope and the fact the Democrats will be in a worse position to negotiate next year.
The US government entered a partial shutdown during October 2013, after the two houses of Congress failed to agree a new budget. "Hold your nose and make this a better world," Representative Sam Farr said.
That shutdown left more than 700,000 employees on unpaid leave and closed national parks, tourist sites and government websites. The bill funds the government at the same levels that were set last December.
It also adds emergency funding requested by Mr Obama, including funds to fight Ebola in West Africa and money for US air strikes against militant group Islamic State in Iraq and Syria.
As presented earlier in the week, the 1,600-page bill also includes a number of provisions intended to gain votes from both parties, including:
Republicans voted for the measure 162-67 with some angry the bill left Mr Obama's immigration policy unchallenged for now.
The Republicans strongly oppose President Obama's immigration reforms and so the bill only funds the Department of Homeland Security until February.
Republicans hope that when the new Congress meets at the start of next year, they can force changes to the president's immigration plans.
Debate on the measure on Friday is expected to be dominated by ideological opposites, Massachusetts Senator Elizabeth Warren and Texas Senator Ted Cruz, but Mr Reid has signalled his support for the overall legislation, making it unlikely to fail.