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House Panel Endorses Budget Cuts at IRS, Consumer Bureau

A U.S. House Appropriations subcommittee approved a spending bill that would cut funding for the Internal Revenue Service, limit the budget of the Consumer Financial Protection Bureau and deny a spending increase sought by the Securities and Exchange Commission.

The $19.9 billion bill was approved today in Washington on a voice vote by the subcommittee on financial services and general government, and heads to the full committee. It includes funding for the Treasury Department, the White House, the District of Columbia, the federal courts, the Consumer Product Safety Commission and the General Services Administration.