US President Biden signs $1.66 trillion FY 2023 government funding bill

Reuters came out with the news suggesting more US spending and additional help to Ukraine in the fiscal year (FY) 2023 during early Friday in Asia-Pacific, late Thursday in the West.

The news quotes the White House Statement as saying, “President Joe Biden on Thursday signed a $1.66 trillion bill funding the U.S. government for the fiscal year 2023.” Reuters also stated that the bill was passed by Congress in the last week and was recently signed by Biden while he is on vacation to the Caribbean island of St. Croix.

Key quotes

The legislation includes record military funding, emergency aid to Ukraine, more aid for students with disabilities, additional funding to protect workers' rights and more job-training resources, as well as more affordable housing for families, veterans and those fleeing domestic violence.

The 4,000-plus page bill passed the Senate on a bipartisan vote of 68-29, with the support of 18 of the 50 Senate Republicans. It passed the House of Representatives on a largely party-line vote of 225-201.

Market implications

The news fails to gain any major response and should favor the US Dollar, considering the higher spending and more geopolitical fears the bill is likely to produce.

Also read: US Dollar Index Price Analysis: DXY bears are well-set to revisit monthly low