Congress spars over emergency funding - Trade Only Today

Congress spars over emergency funding

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The standoff continues today between the U.S. House of Representatives and the Senate over emergency funding, holding up a short-term spending measure to keep government running into the new fiscal year that begins Saturday.

The measure includes additional money for the Federal Emergency Management Agency and the Army Corps of Engineers following Hurricane Irene, Tropical Storm Lee, wildfires and tornadoes so far this year, CNN reported.

House Republicans passed a bill that cuts spending elsewhere to offset some of the increased disaster relief aid. Democrats oppose offsets for emergency aid, saying disaster relief for Americans in need should be unencumbered.

The Democratic-led Senate rejected the House measure on Friday by a 59-36 vote.

For the third time in six months, a partial government shutdown is possible if the Republican-led House and Democratic-controlled Senate fail to agree on the short-term spending plan by Friday - the end of the current fiscal year.

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