US Congress reaches fiscal deal that ends US crude oil export ban

US House Speaker Paul Ryan speaks during a press conference on Capitol Hill in Washington, DC,USA, on Dec 10, 2015. 

PHOTO: BLOOMBERG

DEC 16, 201511:39 AM

[WASHINGTON] Congressional leaders agreed on a US fiscal plan that would avert a government shutdown and lift the 40-year-old ban on crude oil exports, House Republicans said.

House Speaker Paul Ryan unveiled the plan at a closed-door meeting of fellow Republicans Tuesday night, Representative John Kline of Minnesota said. The House plans to vote Thursday, he said.

"Ryan laid out a compelling case to support the deal," which includes lifting the oil export ban, said Representative Reid Ribble of Wisconsin.

The US$1.1 trillion US government spending bill is paired with legislation to revive expired tax breaks a day before the latest deadline to avoid a shutdown.

Current funding runs out at the end of the day Wednesday, and Ryan said earlier that lawmakers would need to pass another stopgap spending bill to keep the government operating until the full-year bill is passed. The measure would finance the government through September 2016.

"I think we've been pretty clear we're not going to have a shutdown," Ryan, a Wisconsin Republican, said earlier on Tuesday during a Politico event in Washington.

Republicans insist they won't allow another government shutdown like the 16-day partial closing in October 2013 over an unsuccessful bid by party members to end funding for Obamacare.

That shutdown cratered public opinion poll numbers for Republicans, who are particularly wary of a repeat as the 2016 election nears.

BLOOMBERG