President Biden Signs Massive Government Spending Bill

On Thursday, U.S. President Joe Biden signed a US$1.7 trillion spending bill for the federal government. The legislation will keep the federal government operating through the end of the federal budget year in September 2023 and avoid a partial shutdown before the end of 2022.

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The massive spending package for FY2023 includes US$772.5 billion for non-defense, domestic programs, US$858 billion in defense funding, and US$45 billion in emergency funding for Ukraine.

Hundreds of U.S. lawmakers -- overwhelmingly Republicans -- opposed the omnibus bill, which runs more than 4,000 pages, with many warning that it could further fuel inflation.

The annual inflation rate for the United States is 7.1 percent for the 12 months ended Nov. 2022, according to U.S. Labor Department data published earlier this month.

A majority of Americans -- 55 percent -- say rising prices have caused financial hardship for their household, a Gallup survey showed.

"Congress can't keep running up the tab and leaving taxpayers to pay the bill," U.S. Congressman Ben Cline from Virginia tweeted last week.

"We must start living within our means, just like families have to do every day -- not spend more than we can afford," Cline said. "Americans deserve better than this omnibus."