The two-year U.S. budget deal approved by the U.S. Congress Wednesday gives both Democrats and Republicans something to brag about, starting with the mere fact that they did it.
In a 254-159 vote, the US House of Representatives passed a legislation exempting private equity firms from provisions in the 2010 Dodd-Frank Wall Street Reform Law. However, a similar action is not expected from the Democrat-dominated US Senate.
Democrats urged Republicans to limit tax breaks, executive stock options and other tax preferences enjoyed by hedge fund managers and private equity advisers.
A few glimmering hope had surfaced on Monday in the middle of the US partial shutdown as US President Barack Obama said he would accept a short term increase in the nation's debt ceiling, said a Reuters report.
The Chairman and CEO of Berkshire Hathaway Warren Buffett had called out the Republicans for their tactics that caused the current impasse.
The US government shutdown had started its first day after 17 years after US President Barack Obama and congressional Republicans failed to settle the budget issue before the deadline on Tuesday, said a Reuters report.
The US Congress had one more day left before ending the budget stalemate as risks were dramatically increased in the first US government shutdown.
A waging battle on budget between Democrats and Republics was held last October 1 that was seen to threaten a government shutdown.
US President Barack Obama proposed a plan that would satisfy both Democrats and Republicans alike.
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