Federal Government Hits $14T Debt Limit; Has August Deadline to Raise the Ceiling
Government shutdowns and debt ceiling showdowns now occur on a regular basis. They grab headlines and motivate activists on both sides of the nation's political divide. But they change nothing – at least when it comes to the trajectory of federal finances. Government spending doesn't get cu...
Without a short-term funding agreement to stave off a government shutdown, as well as the resulting furlough of thousands of government employees, it appears unlikely that the House will be able to advance the necessary appropriations in time for the September 30 deadline. Even with temporary ...
Budget resolutions can include instructions to committees to report reconciliation legislation, often with a deadline, to meet spending and revenue targets. The reconciliation instructions also can require reporting of debt-ceiling legislation, which can come in handy because of the simple majority factor...
The spending fight came to the fore as a deadline to raise the debt ceiling approached last summer. The debt ceiling limits how much the government can borrow to fulfill its spending obligations, and is separate from appropriations bills, which set the funding levels. ...
With time dwindling, Congress faces a Sept. 30 deadline to pass the broader government funding legislation and get a bill to President Joe Biden’s desk to become law.
With time dwindling, Congress faces a Sept. 30 deadline to pass the broader government funding legislation and get a bill to President Biden's desk to become law. Otherwise, the U.S. faces massive federal government closures and disruptions. Plans for another vote Tuesday to advance the overal...
Lawmakers often temporarily push that deadline back by extending agencies’ current funding levels in a “continuing resolution” so they can continue negotiating. WHAT IS THE IMPACT? Hundreds of thousands of federal workers would be furloughed without pay and a wide range of services could be disr...
The deadlines come months into the fiscal year, after lawmakers have already had to rely on three funding patches to keep the government operating. After pushing the deadline off in September, and then again in November, lawmakers extended funding once more in January. With the short-termcontinu...
Quigley said in June, an agreement was reached to reach the debt ceiling, a deal was made to avert a government shutdown crisis. He said McCarthy reneged on the deal under pressure from the far right. But he said the move to oust McCarthy is fueled by resentment from Gaetz – and it...