Lawmakers unveil massive $1.1 trillion spending bill :
The 1,582-page bill would fully restore cuts to Head Start, partially restore cuts to medical research and job training programs, and finance new programs to combat sexual assault in the military. It would also give all federal workers a 1 percent raise. Ref. Source 8
The Senate has passed a $1.1 trillion compromise spending bill that funds the government through September. The bill, approved by the House on Wednesday, now goes to the President for his signature.
The spending plan rolls back some past spending cuts, while raising federal worker pay and that of members of the military. It also protects disabled veterans and some military spouses from a pension cut set to go into effect in 2015.
In the partisan atmosphere of an election year, the spending bill may be the largest policy decision Congress makes in 2014. Compromise on the spending bill is a break from years of congressional funding fights like the one that led to the partial government shutdown last October. Ref. CNN
US drops out of top 10 ten most economically free countries:
After seven straight years of decline, the U.S. Has dropped out of the top 10 most economically free countries. Those losing freedom, on the other hand, risk economic stagnation, high unemployment and deteriorating social conditions Ref. Source 3
U.S. Debt Up $1,608,304 for Each Baby Born the Year Obama Took Office:
Under President Barack Obama, the total debt of the U.S. Government has increased by approximately $1,608,304 for each of the 4,130,665 babies born in the United States in 2009, the year Obama took office. Ref. Source 6
The U.S. Economy added 113,000 jobs in January, continuing the growth in employment, but far below what is needed to show that the economy is fully recovering. Economists had expected 178,000 new jobs.
The government also reported that the unemployment rate ticked lower to 6.6% from 6.7% in December. Ref. CNN
The Senate approved a House-passed measure to suspend the nation's borrowing authority until March 2015. The measure now heads to President Obama, who supports it. The "Clean" Increase includes no other conditions and eliminates the threat of debt default. Ref. USAToday
Economy shrank at a 1% annual pace in first quarter, first time since 2011
The government said gross domestic product contracted in the first three months of the year as the harsh winter took a toll on economic activity. That was revised down from the initial estimate of growth of 0.1% Ref. USAToday