July 9, 2008 – 1:36 p.m.
A Senate panel Wednesday approved a $44.8 billion fiscal 2009 spending bill, which includes a controversial provision to expand family travel to Cuba.
The bill was approved 9–0 by the Financial Services and General Government Appropriations subcommittee. It also would increase funding for the Commodity Futures Trading Commission (CFTC).
Durbin said the bill restores the rights of families to visit relatives in Cuba to pre-2004 levels, allowing a trip once a year rather than once every three years, an unlimited stay rather than a 14-day stay, and a spending limit of $170 per day rather than $50 per day.
Subcommittee ranking Republican
The subcommittee allocated $22.9 billion in discretionary spending, and $21.9 billion in mandatory spending. The total is $2.2 billion more than fiscal 2008 spending and $502.7 million more than the administration’s request.
The bill would provide $157 million for the CFTC in fiscal 2009, $45 million more than fiscal 2008 spending, and $25 million more than the president’s request.
Chairman
“This year has been a difficult one for consumers – a flood of unsafe products from China, oil and gas prices at record levels; and public health and safety agencies faltering in their responsibilities, Durbin said.
Futures trading has increased significantly since 2000, according to Durbin, and by 2009 the CFTC will oversee 980 million futures transactions of “ever-increasing complexity,” while the agency’s staff has shrunk from 546 to 475 employees. “With so many trades and not enough resources, there are serious concerns about possible market manipulation,” the release states.


