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It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022. It is a budget reconciliation bill sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV). [1]
Budget reconciliation bills can deal with spending, revenue, and the federal debt limit, and the Senate can pass one bill per year affecting each subject. Congress can thus pass a maximum of three reconciliation bills per year, though in practice it has often passed a single reconciliation bill affecting both spending and revenue. [3]
Federal budget 2022. The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2022.
Now that the U.S. House of Representatives has passed President Joe Biden's ambitious $1.75 trillion social policy and climate bill, the action moves to the Senate, where its fate is unclear.
President-elect Donald Trump scored a victory early Saturday when Congress passed a slimmed-down bill to keep the government ... Congress by $1.5 trillion via budget reconciliation, sources said. ...
Budget reconciliation is a special process that makes it easier for the majority party to pass legislation in the U.S. Senate. Like the filibuster that forces its use, it was once a fairly obscure...
The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of President Joe Biden's Build Back Better Plan.It was spun off from the American Jobs Plan, alongside the Infrastructure Investment and Jobs Act, as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change and social policy.
According to a Bank of America Global Research report, BofA’s forecast of 5.5% real GDP growth for 2022 remains feasible. 5.5% GDP growth in 2022 plausible amid budget reconciliation: BofA ...