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US Senate delays contentious $1.1tn budget vote US Congress passes contentious $1.1tn budget
(about 5 hours later)
The US Senate has pushed back to Monday a vote on a $1.1tn (£700bn) budget after it failed to pass on Friday. The US Senate has completed congressional approval of a controversial $1.1tn (£700bn) federal budget which will now be sent to President Barack Obama to sign.
The bill had already cleared the House of Representatives in a close and contentious vote. The Senate passed the bill by 56-40 in a late-night vote on Saturday.
The measure passed by 219-206 after President Barack Obama urged Democrats to support it despite objections the bill would weaken key bank regulations. The budget had been the subject of months of intense cross-party debate, with both Democrats and Republicans making concessions.
It will fund most of the government until September 2015, with the exception of one agency. The bill avoids a government shutdown which could have started next week.
Republicans won control of both House and Senate in elections last month. Republicans sought to pressurise President Obama into abandoning controversial new immigration plans by ensuring only partial funding for the Department of Homeland Security.
The Senate began looking at the bill on Friday and is expected to attempt a vote on Monday. From January onwards, Republicans will hold a majority in both houses of Congress, which they will hope to use to block the adoption of President Obama's amnesty program for some illegal immigrants.
To prevent a government shutdown, the Senate passed a bill authorising continued government funding until Wednesday. The bill was passed hours before the expiration of a previous funding extension. Democrats were unhappy at the repeal of financial regulation clauses. But others 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 bill had already cleared the House of Representatives in a close and contentious vote on Thursday.
With the prospect of a government shutdown fast approaching, Congress twice passed emergency funding bills to buy more time for an agreement, with the latest extension coming earlier on Saturday.
Analysis - Kim Gittleson, BBC News, New YorkAnalysis - Kim Gittleson, BBC News, New York
At the behest of Wall Street's biggest banks, Republican lawmakers had inserted a line that repealed one of the signature provisions of the 2010 Dodd-Frank financial reform bill.At the behest of Wall Street's biggest banks, Republican lawmakers had inserted a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.
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.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.
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.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.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.
US spending bill boon for Wall Street?US spending bill boon for Wall Street?
Fifty-seven Democrats voted for the House bill on Thursday, but others were angry about the president's call for support of the Republican bill. The budget 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.
Democratic House leader Nancy Pelosi said 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. The 1,600-page bill also included a number of provisions intended to gain votes from both parties, including:
"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.
But others 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.
"Hold your nose and make this a better world," Representative Sam Farr said.
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.
The debate 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.