Debt Ceiling
The House passed a Budget deal on October 28, 2015 that, among other things, will extends the government’s borrowing authority through mid-March 2017. In 2013, the Republican-controlled House and the Democrat-controlled Senate negotiated with the White House on three fiscal matters with looming deadlines: raising the debt ceiling now approaching the limit $16.5T, massive federal spending cuts known as sequester and a budget resolution. On February 4th, the President signed a bill into law extending the debt limit debate until 5/18/13. This date may also get extended as far as August due to financial manipulations similar to those used in 2011. The "No Budget, No Pay Act of 2013" also mandates that pay for lawmakers be held in escrow starting April 16 until their chamber has passed a 2014 budget resolution. Congress must pass a 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 hoped for legislation will raise the debt ceiling through Dec. 31, 2014.

Heritage Action Recommends a 'NO' Vote on HR 1865, Appropriations

from Heritage Foundation,
Congress is set to vote on a $1.3 trillion government funding package Tuesday that would fund the government through the rest of 2020. Current government funding expires on December 20. The House is splitting this omnibus spending package into two “minibus” bills. The first bill, the Consolidated Appropriations Act of 2020 (H.R. 1158) contains defense spending, and importantly allows the Department of Defense to continue to rebuild our military and prepare for the future. It also provides the resources necessary to secure our borders from drug cartels, human traffickers, and others who would seek to enter our country illegally. This bill is worth being signed into law. The second bill, the Further Consolidated Appropriations Act of 2020 (H.R. 1865) contains domestic spending with funding for the Departments of Education, Labor, Health and Human Services, Transportation, Interior, Energy, and Agriculture. Unfortunately, it includes a number of problematic provisions including:
  • Increasing our nation’s debt burden by approximately $400 billion by repealing Obamacare’s offsets and making other healthcare spending changes without simultaneously reducing spending
  • Adding unnecessary tax extenders that prop up politically connected industries at the expense of American taxpayers
  • Including a seven-year reauthorization of the Export-Import Bank
  • Bailing out miners’ private pension plans while failing to hold union bosses accountable
  • Extending the National Flood Insurance Program (NFIP) which currently owes taxpayers nearly $25 billion
  • Reauthorizing the Terrorism Risk Insurance program (TRIA) that was designed to be temporary and should expire
  • Boosting Medicaid funding for Puerto Rico
  • Expanding taxpayer funding of abortion through Obamacare insurance plans
  • Adding report language requiring the CDC and the National Institutes of Health to spend $25 million each studying violent usage of firearms.
Heritage Action has key voted “NO” on H.R. 1865. This bill should be rejected by Congress, and vetoed by the President if it ultimately reaches his desk. Proponents of the budget deal earlier this year argued it was necessary to pass the deal in order to ensure a more transparent and regular appropriations process and prevent poison pill policy riders from being included. This domestic minibus spending package directly conflicts with both of those arguments. More From Heritage Action For America:

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