House passes spending bill, sending medical device tax pause to Senate

The U.S. House of Representatives today overwhelmingly passed a $1.15 trillion spending bill, which would avoid another federal shutdown and lift the 40-year-old ban on U.S. crude oil exports.

The bipartisan, 316-113 vote sends the bill to the Senate, where Republican and Democratic leaders have agreed to combine it with a tax package passed yesterday that included a 2-year moratorium on the medical device tax.

The Senate is slated to take up the combined, $1. trillion package in a series of procedural votes, before a final vote expected by early this afternoon.

The 2-year pause on the medical device tax, a 2.3% levy on all U.S. sales of medical devices, is estimated to cost $3.4 billion, according to the Joint Committee on Taxation.

Material from Reuters was used in this report.

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