Government Shutdown
There is a need to pass a bill extending routine government funding after a stopgap bill expires March 27. Without an extension, a partial government shutdown would occur. Congress must pass this spending bill, called a continuing resolution or “CR,” which would continue spending after Sept. 30, 2013, the end of the 2013 fiscal year. As it stands now, the government’s legal authority to borrow more money runs out in mid-October, 2013. According to the Bipartisan Policy Center, if that date arrived on October 18, the Treasury “would be about $106 billion short of paying all bills owed between October 18 and November 15. The congressionally mandated limit on federal borrowing is currently set at $16.7 trillion. The debt limit has been raised 13 times since 2001 and has grown from about 55 percent of Gross Domestic Product in 2001 to 102 percent of GDP last year.

The Scale of the Budget Divide

from The New York Times,

The Scale of the Budget Divide:

The recent agreement to reopen the government and temporarily raise the debt ceiling also set a Dec. 13 deadline for a House-Senate conference to reconcile the vastly different budgets they passed earlier this year. See how the budgets as a share of the economy compare to the one proposed by President Obama in April and to historical averages.

From The New York Times:

365 Days Page
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