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Congress Unveils $1.7 Trillion Omnibus Spending Bill

Domestic spending in the bill totals $773 billion

Democratic and Republican negotiators on Tuesday released a $1.7 trillion bill to fund the federal government through most of 2023, and will need to pass it through both chambers by Friday to avert a potential shutdown.

The massive omnibus bill is more than 4,000 pages long and would boost defense funding by $76 billion to $858 billion. Domestic spending in the bill totals $773 billion. The package includes $45 billion in emergency funds for Ukraine and $40 billion in disaster aid for U.S. regions impacted by recent hurricanes, flooding, wildfires and other natural disasters. If passed, government agencies would be funded through Sept. 30, 2023.

Notably absent from the bill are provisions to reinstate the expanded child tax credit that many Democrats wanted and a tax deduction for research and development costs for businesses.

This article was provided to OSAP by ASAE's Power of Associations and Inroads.

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