The House of Representatives passed a bipartisan budget deal with a huge majority.
Now it’s in the Senate’s hands.
The deal would undo a lot of sequestration cuts, both in defense and non-defense spending, but it’s got wider implications than that.
Washington DC recently welcomed our own Huntsville Mayor Tommy Battle, and he came back with this summary, “The mood in DC is everybody is saying, ‘Man, this is dysfunctional.’ They were talking about the budget deal which might come out, which might be able to be passed. It was one of the one hopeful things that you had out of DC.”
That congressional deal springs from the realm of fiction onto the desks of legislators.
The agreement seeks to reduce the deficit by $23 billion.
Though more importantly the House Budget Committee and the Senate Budget Committee seem to tentatively agree, meaning the money of the federal government might not have to assume its usual role as a hostage in fierce negotiations.
Congress has proposed some real changes here, detailed by the budget committees.
Non-profit student loan servicers will take a hit; the way they’re funded would change.
Fees for fliers increase, as the TSA will rely on ticket fees for more funding.
Plus working age service members would see their retired pay reduced, through a trim to cost of living adjustments.
All in all, it’s an incredibly dense piece of legislation, with a lot of facets.
It will take time to decode what Congress is up to.
Still, if Congress can agree to some sort of stable plan, here in the Rocket City, it could open up doors and wallets.
Mayor Battle says, “I think this will open up businesses. A lot of them are holding cash, because they don’t know what to expect in the future. The uncertainty has led them not to be as productive.”
So even a whiff of agreement could awaken some economic forces.