Dec. 11 (Bloomberg) — Plans in the House of Representatives tovote on a $1.1 trillion spending bill and avoid a federal shutdownhit a snag amid opposition from both ends of the ideologicalspectrum.

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Government funding expires today. Congressional leaders havesaid for weeks that they won't allow a shutdown.

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Leaders delayed a vote, initially scheduled for about 2 p.m., asSpeaker John Boehner sought Republican votes for the bill. Obamaadministration officials also were calling lawmakers to urge themto vote for the measure, said a Democratic official who soughtanonymity.

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Many Democrats oppose the bill because it includes a bankingprovision they call a giveaway to large institutions. A number ofRepublicans are against the measure because it puts off aconfrontation over Obama's immigration policy until 2015.

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“When you don't fight when you have the opportunity becauseyou're going to find better ground, you lose the principle,” saidRepresentative Steve King of Iowa.

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President Barack Obama supports the spending measure though heopposes the banking provision and another that would allow largerindividual contributions to political parties, according to anadministration statement.

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“The president certainly didn't get everything he wanted,” WhiteHouse spokesman Josh Earnest told reporters today. “If thepresident were writing the bill himself, the bill would certainlylook very different.”

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Debate rules

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Democrats showed their displeasure over the banking provision byvoting earlier today against a procedural measure to set rules fordebating the bill. That measure passed 214-212, with 16 Republicansjoining the Democrats in opposition.

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Boehner told reporters earlier today, “If we don't get finishedtoday we're going to be here until Christmas.”

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The banking language, insisted upon by Republicans, would easerules enacted to protect taxpayers against bank losses aftersouring derivatives trades helped cause the 2008 financial crisis.The dispute over the banking rule is a preview of Republican plansto roll back other business regulations when they take control ofboth chambers in 2015.

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The provision would put “taxpayers back on the hook for WallStreet's riskiest behavior,” House Minority Leader Nancy Pelosi, aCalifornia Democrat, said yesterday.

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A deal on the measure was announced Dec. 9 after SenateDemocratic negotiators accepted the banking rule changes andRepublican demands on other policy provisions. Republicans opposechanges to the measure and said they're not reopeningnegotiations.

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JPMorgan, Citigroup

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The banking provision would let JPMorgan Chase & Co.,Citigroup Inc. and other lenders keep swaps trading in units withfederal backstops.

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“This is about reckless behavior,” Senator Elizabeth Warren, aMassachusetts Democrat, said yesterday. “It's about a giveaway tothe largest financial institutions in this country.”

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Second-ranking Senate Democrat Richard Durbin of Illinois saidhe didn't know if he would vote for the spending bill with thebanking changes.

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“It is just an invitation for another financial disaster,”Durbin said. “It is a horrible choice between a bill of over atrillion dollars in spending, with a lot of very importantprovisions in it, and some absolutely awful language put in byspecial interests in the House.”

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Environmental rules

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Though Democrats aren't pleased about the policy changes, theysaid they beat back dozens of other provisions that Republicans hadsought, including revisions focused on environmental and laborprotections.

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The deal puts off a confrontation over immigration until early2015. The Department of Homeland Security, responsible forimmigration policy, would be financed only through Feb. 27.Republicans want to use the agency's spending bill to block Obamafrom easing deportation rules for millions of undocumentedimmigrants.

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Last year, Republican efforts to defund Obama's health care lawled to a 16-day partial government shutdown.

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In addition to the Dodd-Frank measure on swaps trading, thefunding measure would allow exceptions to clean-water laws foragricultural refuse, and block the District of Columbia fromspending money to legalize marijuana following a voter-approvedmeasure allowing possession of as much as 2 ounces for personaluse.

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Truck drivers

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The plan would roll back safety rules on rest for truck drivers,ignoring the pleas of consumer activists and TransportationSecretary Anthony Foxx.

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The provision would temporarily suspend rules while a study isconducted about the number of trucks driven on congested roads.Under the change, truckers would be able to work as many as 82hours a week.

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The spending bill would allow a tenfold increase in donationsthat individuals can make to national political parties each year,to $324,000 from $32,400, according to a statement by FredWertheimer, president of Democracy 21. The group advocates forchanges to campaign finance laws.

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Donors would be able to give $97,200 a year to each of threeparty committees for conventions, to pay for building funds and tofinance the expenses for recounts and legal challenges to electionresults, Wertheimer said in a statement

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Housing program

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The bill would bar the Department of Housing and UrbanDevelopment from starting a program to reduce mortgage-insurancepremiums for borrowers who attend housing counseling sessions. Itwould stop HUD from funding increased oversight of mortgageoriginations by charging a new fee to lenders.

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The plan includes a proposal sought by the National RifleAssociation that lets gun manufacturers use lead to produceammunition, and a labor provision exempting claim adjusters fromovertime requirements during major disasters.

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The measure would seek to shore up the Pension Benefit GuarantyCorp. by allowing some underfunded multiemployer pension plans toreduce benefits. The provision reflects an agreement by HouseEducation and the Workforce Committee Chairman John Kline, aMinnesota Republican, and senior Democrat George Miller, aCalifornia Democrat.

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The measure also includes an extension until Oct. 1, 2015, of aban on taxing Internet access. It would provide $5.4 billion inemergency funds to respond to the Ebola outbreak.

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The bill would require the Postal Service to continue deliveringon Saturdays and to keep all post offices open.

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The Export-Import Bank would be allowed to continue financingoverseas coal-fired power projects. As part of Obama's effort tocombat climate change, Ex-Im had revised its guidelines to bar suchfunding for plants that lack carbon- capture technology.

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With assistance from Kathleen Miller, Derek Wallbank, JamesRowley, Kathleen Hunter, Silla Brush, Jeff Plungis, Richard Rubin,Angela Greiling Keane, Clea Benson and Cheyenne Hopkins inWashington.

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Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.

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