President Obama signs budget bill

On December 26, US President Barack Obama signed into law the budget spending plan for fiscal years 2014 and 2015 and the 2014 defense budget spending act.

The budget spending bill that President Obama just signed is a compromise passed by both houses of Congress, according to which the fiscal year 2014 budget (from October 1, 2013) is 1,012 billion USD and fiscal year 2015 is 1,014 billion USD.

President Barack Obama. (Source: AFP/VNA)

With these budget spending plans, from now until October 2015, the United States will avoid the risk of federal office closure by increasing 63 billion USD each year.

The above budget plan also temporarily ends the internal debate on spending, budget deficit reduction and taxation that has lasted for the past 3 years in American politics.

The main cause of this impasse is largely the White House's health care and insurance reform bill, commonly known as ObamaCare.

However, conservative lawmakers said that with the 2014 fiscal year spending plan just put into effect, the United States has lost an opportunity to reduce the budget deficit, which reached 680.3 billion USD in the fiscal year that ended on September 30, 2013.

Along with the budget bill for the next two years, President Obama also signed into law a defense spending plan of 526.8 billion USD for fiscal year 2014, of which 80.7 billion USD is for overseas activities./.

According to VNA