Government Shutdown Over After House, Senate Pass Bipartisan Bill

The partial US government shutdown is over after the Senate and the House of Representatives voted “yes” to a bipartisan bill. The legislation will fund the government through mid-January and raise the debt ceiling until the beginning of February.

The Senate passed the bill by a vote of 81 to 18, while the House passed the same resolution with a vote of 285-144. The final bill was unveiled by Senate Majority Leader Harry Reid (D-NV) on the Senate floor on Wednesday.

Yahoo! News reports that the bill to end the partial shutdown will strengthen income verification requirements for Obamacare, and will give both parties time to appoint lawmakers to a conference committee to hammer out a broad budget resolution.

The resolution will be led by Budget Committee heads Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA. It will have to announce the results of its negotiations by December 13.

The Huffington Post note that President Obama signed the bill shortly after midnight on Thursday. The White House announced the bill’s passing, saying that the bill retroactively sets the continuing resolution at October 1, 2013. The president praised the Senate’s vote earlier on Wednesday, saying that he would sign the resolution as soon as it hit his desk.

The effect on the economy was quick, as the stock market surged higher at the news that the partial government shutdown would be over soon. The crisis also threatened to shake confidence overseas in the US economy. An Op-Ed published by Chinese state media called for an end to using the US dollar as a backup international currency.

Republicans in the House conceded defeat before they voted, with House Speaker John Boehner (R-OH) commenting, “We fought the good fight. We just didn’t win.” The majority of House Republicans voted against the resolution, but their votes weren’t enough to keep the shutdown going.

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