President Joe Biden signed today the $1.7 trillion Congressional spending plan, which consists of all 12 fiscal year 2023 appropriations bills.
The omnibus bill passed the U.S. House of Representatives earlier this week. The Consolidated Appropriations Act was approved by a vote of 225 to 201, with one member voting present. It has already passed in the Senate and now moves to the president’s desk to be signed into law.
In addition to the appropriation bills, the government funding package also includes emergency supplemental funding to respond to recent natural disasters and emergency resources to support the Ukrainian people from Russia’s invasion.
“I am proud of this bill, which makes critical investments in the programs and services that lower the cost of living for hardworking families, create better-paying jobs, support state, and local law enforcement, strengthen our national security, and protect our environment,” Rep. Rosa DeLauro, Appropriations Committee Chair and Labor, Health and Human Services, Education, and Related Agencies Subcommittee Chair, said. “The over 7,200 community projects we included will help meet pressing needs in communities all over the nation. At the same time, this bill delivers emergency assistance to help communities recover from natural disasters and to protect the people of Ukraine from Russia’s continued attack. I am especially proud of the funding included for programs and services in our Labor, Health and Human Services, Education, and Related Agencies bill that will ensure working- and middle-class families receive the support they need.”
The regular 12 appropriations bills include $800 billion in non-defense funding, a $68 billion—9.3 percent—over last year. This is the highest level for non-defense funding ever. The bills also provide $858 billion in defense funding. It also includes, for the first time, $5 billion in mandatory funding for the Cost of War Toxic Exposures Fund established in the Honoring Our PACT Act of 2022.
Further, it includes $44.9 billion in emergency security, economic, and humanitarian aid to support the Ukrainian people and $40.6 billion to assist communities across the country recovering from drought, hurricanes, flooding, wildfire, natural disasters, and other emergencies.
The omnibus contains funding amounts for several programs related to credit unions, including $324 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund (up from $295 million last year). This program makes capital grants, equity investments, and awards for technical assistance to certified CDFIs.
It also has $3.5 million for National Credit Union Administration’s Community Development Revolving Loan Fund (up from $1.545 million last year). This funds a revolving loan program and a technical assistance program. Further, it contains $18.5 million for U.S. Agency for International Development’s Cooperative Development Program (same as last year). This is a global initiative focused on building capacity of cooperative businesses and cooperative systems around the world. Finally, it funds the National Flood Insurance Program through Sept. 30, 2023. The bill does not contain the text of the Credit Card Competition Act.