Stock Market News

US Senate backs sweeping defense policy bill, sets up clash with House bill

2023.07.27 20:53


© Reuters. U.S. Defense Secretary Lloyd Austin, Secretary of State Antony Blinken and Commerce Secretary Gina Raimondo listen during a Senate Appropriations Committee hearing titled “A Review of the President’s Fiscal Year 2024 Budget Request: Investing in U.S. Se

By Patricia Zengerle

WASHINGTON (Reuters) -The U.S. Senate passed a sweeping bill setting policy for the Department of Defense on Thursday, setting up a showdown with legislation passed by the Republican-led House of Representatives with “culture war” amendments eliminating abortion rights and diversity protections.

The Democratic-controlled Senate passed its version of the National Defense Authorization Act, or NDAA, by 86 to 11, with strong support from both Democrats and Republicans.

The fiscal 2024 NDAA, which authorizes a record $886 billion in spending, is one of the few major bills Congress passes every year. It governs everything from pay raises for the troops – this year’s will be 5.2% – to purchases of ships and aircraft to policies such as support for Ukraine.

The NDAA has passed every year since 1961, usually with strong bipartisan support. But this year, the Republican-controlled House passed its version of the bill by a narrow 219-210 majority, after hard-right Republicans added amendments addressing hot-button social issues such as a repeal of a Pentagon policy of reimbursing expenses for service members who travel to obtain an abortion.

The Senate’s Democratic majority leader, Chuck Schumer, said the hard-right provisions in the House bill would not become law. Democrats control only a narrow 51-49 seat majority in the Senate, but senators from both parties have said they do not want social issues to stand in the way of the defense bill becoming law.

The Senate passed dozens of its own amendments, including some addressing competition with China.

On Tuesday, the Senate voted overwhelmingly for an amendment that would require U.S. companies to notify federal agencies of investments in Chinese technologies such as semiconductors and artificial intelligence and another that boosted some Chinese purchases of U.S. farmland.

“What’s happening in the Senate is a stark contrast to the partisan race to the bottom we saw in the House, where House Republicans are pushing partisan legislation that has zero chance of passing,” Schumer said.

This year’s NDAA is several steps from becoming law.

Now that both the House and Senate bills have passed, members will hammer out a compromise, which in turn must pass both chambers before it can be sent to the White House for President Joe Biden to sign or veto.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,848.95 2.03%
ethereum
Ethereum (ETH) $ 3,299.51 4.88%
tether
Tether (USDT) $ 1.00 0.11%
solana
Solana (SOL) $ 245.64 5.94%
bnb
BNB (BNB) $ 645.37 4.26%
xrp
XRP (XRP) $ 1.35 13.87%
dogecoin
Dogecoin (DOGE) $ 0.409168 12.10%
usd-coin
USDC (USDC) $ 0.999454 0.17%
cardano
Cardano (ADA) $ 0.980725 11.59%
staked-ether
Lido Staked Ether (STETH) $ 3,301.87 4.69%
tron
TRON (TRX) $ 0.20328 8.50%
avalanche-2
Avalanche (AVAX) $ 39.66 7.38%
stellar
Stellar (XLM) $ 0.50839 10.41%
the-open-network
Toncoin (TON) $ 5.95 2.13%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 10.34%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,930.31 3.99%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,565.87 1.53%
polkadot
Polkadot (DOT) $ 8.59 5.00%
chainlink
Chainlink (LINK) $ 16.52 5.70%
bitcoin-cash
Bitcoin Cash (BCH) $ 487.71 10.00%
weth
WETH (WETH) $ 3,297.03 4.89%
sui
Sui (SUI) $ 3.25 10.44%
pepe
Pepe (PEPE) $ 0.000019 11.66%
leo-token
LEO Token (LEO) $ 8.71 0.92%
near
NEAR Protocol (NEAR) $ 6.25 2.13%
litecoin
Litecoin (LTC) $ 94.04 8.79%
aptos
Aptos (APT) $ 11.82 8.76%
uniswap
Uniswap (UNI) $ 10.34 4.06%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,491.15 3.88%
hedera-hashgraph
Hedera (HBAR) $ 0.140704 6.79%
usds
USDS (USDS) $ 1.00 0.08%
internet-computer
Internet Computer (ICP) $ 10.68 7.92%
crypto-com-chain
Cronos (CRO) $ 0.184032 9.63%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.537201 6.85%
ethereum-classic
Ethereum Classic (ETC) $ 27.72 9.67%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.20%
render-token
Render (RENDER) $ 7.38 7.48%
kaspa
Kaspa (KAS) $ 0.147474 8.41%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 0.47%
bittensor
Bittensor (TAO) $ 495.29 8.56%
whitebit
WhiteBIT Coin (WBT) $ 24.40 1.22%
dai
Dai (DAI) $ 0.999886 0.19%
celestia
Celestia (TIA) $ 7.90 22.86%
arbitrum
Arbitrum (ARB) $ 0.813741 6.79%
bonk
Bonk (BONK) $ 0.000044 14.34%
mantra-dao
MANTRA (OM) $ 3.66 3.82%
cosmos
Cosmos Hub (ATOM) $ 8.36 2.04%
vechain
VeChain (VET) $ 0.040189 8.61%
filecoin
Filecoin (FIL) $ 5.35 0.88%
okb
OKB (OKB) $ 52.51 2.30%