The US House of Representatives passed the $1.149 billion budget bill for 2016.

On December 18, the US House of Representatives approved a spending package worth more than $1.149 billion for fiscal year 2016, providing funding for government agencies through September 2016.

The US Capitol building. (Source: Reuters)

This bill, if passed by the Senate, would help the U.S. government avoid a shutdown right before the year-end holiday season.

The bill, passed in the House of Representatives with 316 votes in favor and 113 against, tightens visa requirements, increases defense spending, proposes reforms to the International Monetary Fund (IMF), and lifts the four-decade-long ban on US crude oil exports.

This $1.149 billion spending package is seen as balancing the priorities of both Republicans and Democrats.

By extending the decades-long ban on federal funding for gun research and postponing payments for two years on medical device taxes, a provision in President Barack Obama's health insurance law, the bill has pleased Democratic lawmakers.

Meanwhile, the lifting of the four-decade-old ban on crude oil exports was seen as a surprise move and a major success for the Republican party.

The US Senate is expected to vote on the bill later today. The White House also said that President Barack Obama will sign it into law.

According to Vietnam+