The gap between politicians that support funding the U.S. Treasury's Community Development Financial Institutions Fund and those who don't may have become the widest ever last week as the House Appropriations Committee proposed that only $50 million should be spent from the CDFI Fund in the remaining seven months of fiscal year 2011.
The Obama administration had initially budgeted $250 million for the fund in 2011 and then revised that downward to $247 million in its proposals for continuing resolutions that Congress passes each year to fund the federal government absent formal appropriations.
But congressional Republicans, feeling empowered after having won control of the House of Representatives in the 2010 elections, have taken a harder line. As part of their overall effort to cut spending, the House Appropriations Committee has proposed the CDFI Fund spend only $50 million in the balance of fiscal year 2011.
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