26 Jul House Passes the President’s Bipartisan Deal to Lift Budget Spending Caps
The House of Representatives passed the Bipartisan Budget act of 2019 by a vote of 284-149. This approves the agreement between President Trump and congressional leaders to suspend debt limit for 2 years and lift the spending caps by $320 billion. The agreement will secure recent budget gains for both the Pentagon and domestic agencies by allowing the treasury to issue bonds to pay government bills.
The agreement on the top-line spending numbers should also make it easier for Congress to finish the appropriations process, putting the government on a path to avoid a government shutdown at the end of September.
Currently the EB-5 Program is directly tied to the appropriations process, thus with the passing of this budget bill by the Senate will set up the program to be extended/renewed, adding stability around the EB-5 program. The senate is scheduled to approve the bill next week.
The EB-5 program is a United States visa program that enables foreign investors to obtain a U.S. Visa by investing in a business that will benefit the economy and create jobs. The program has continually been shut down keeping investors in limbo when the government effectively has shutdown, as it did this past December. The passing of the bipartisan budget act of 2019 will hopefully help avoid this from happening again.