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October 2015
October 1 – New Fiscal Year Begins
October 1 marked the beginning of a new fiscal year. In for increasing defense spending while decreasing funding for
order to continue funding the government as well as avoid domestic measures. It also outlines reforms to the tax code and
the continuation of automatic, across-the-board sequestration entitlement programs. Congressional Democrats and the White
cuts to defense and domestic programs imposed via the Budget House have labeled it a non-starter particularly the focus on
Control Act of 2011, Congress must have approved the annual increasing defense spending while leaving domestic programs
12 spending bills – a task lawmakers have not accomplished in subject to sequester cuts.
20 years – or have in place a stopgap funding measure to keep
the government open. Lawmakers could simply pass another (photo from www.taopic.com)
continuing resolution funding the government through the
end of the year or follow a similar path as they did in 2013
when passing the Bipartisan Budget Act – a compromise
budget measure forged by Congressman Paul Ryan (R-WI) and
Senator Patty Murray (D-WA) that increased the sequestration
caps for FY2014 and 2015 by $45 billion and $18 billion
respectively in return for extending the imposition of caps into
2022 and 2023. This time around, lawmakers will be focused
on softening sequestration cuts due to kick in for FY2016 and
2017. The Republican-controlled Congress recently passed a
full, $3.8 trillion budget measure that lays the groundwork
November/December – U.S. Treasury Hits Debt Ceiling
In February 2015, Congress agreed to suspend the that trades raising the debt limit for spending cuts; however,
debt ceiling, or the legal limit Congress places on its own the proposal could be difficult to move through both chambers
borrowing, until March 15, 2015. Lawmakers were unable to as it will likely require some Democratic support in the face of
reach another agreement before the deadline thereby allowing opposition from more conservative members looking to use it
the temporary extension to lapse. Without another extension, the as a bargaining chip to roll back other unpopular administration
Congressional Budget Office (CBO) estimates that U.S. Treasury policies. In fact, Republicans have not raised the debt ceiling
will hit the $18.1 trillion debt limit around mid-November or without the help of Democrats in nearly a decade.
early December. GOP leadership is expected to push a proposal
December 31 – Tax Extender Renewal
Last year, Congress pushed through a one year, legislation that does not include provisions for offsetting
retroactive renewal of more than 50 expired tax breaks associated costs. In February, the House considered two bills
for individuals and businesses. The legislation extended all that would have permanently extended credits for charitable
provisions through the end of the year without any offsetting giving and small businesses but met a veto threat from the White
tax increases or spending cuts. With the tax extenders already House. More recently, in May, the House passed legislation to
expired, Congress will once again need to revisit the issue. The permanently restore and expand the tax credit for business
White House has already threatened to veto any extension research which too met a veto threat from the White House.
19
October 1 – New Fiscal Year Begins
October 1 marked the beginning of a new fiscal year. In for increasing defense spending while decreasing funding for
order to continue funding the government as well as avoid domestic measures. It also outlines reforms to the tax code and
the continuation of automatic, across-the-board sequestration entitlement programs. Congressional Democrats and the White
cuts to defense and domestic programs imposed via the Budget House have labeled it a non-starter particularly the focus on
Control Act of 2011, Congress must have approved the annual increasing defense spending while leaving domestic programs
12 spending bills – a task lawmakers have not accomplished in subject to sequester cuts.
20 years – or have in place a stopgap funding measure to keep
the government open. Lawmakers could simply pass another (photo from www.taopic.com)
continuing resolution funding the government through the
end of the year or follow a similar path as they did in 2013
when passing the Bipartisan Budget Act – a compromise
budget measure forged by Congressman Paul Ryan (R-WI) and
Senator Patty Murray (D-WA) that increased the sequestration
caps for FY2014 and 2015 by $45 billion and $18 billion
respectively in return for extending the imposition of caps into
2022 and 2023. This time around, lawmakers will be focused
on softening sequestration cuts due to kick in for FY2016 and
2017. The Republican-controlled Congress recently passed a
full, $3.8 trillion budget measure that lays the groundwork
November/December – U.S. Treasury Hits Debt Ceiling
In February 2015, Congress agreed to suspend the that trades raising the debt limit for spending cuts; however,
debt ceiling, or the legal limit Congress places on its own the proposal could be difficult to move through both chambers
borrowing, until March 15, 2015. Lawmakers were unable to as it will likely require some Democratic support in the face of
reach another agreement before the deadline thereby allowing opposition from more conservative members looking to use it
the temporary extension to lapse. Without another extension, the as a bargaining chip to roll back other unpopular administration
Congressional Budget Office (CBO) estimates that U.S. Treasury policies. In fact, Republicans have not raised the debt ceiling
will hit the $18.1 trillion debt limit around mid-November or without the help of Democrats in nearly a decade.
early December. GOP leadership is expected to push a proposal
December 31 – Tax Extender Renewal
Last year, Congress pushed through a one year, legislation that does not include provisions for offsetting
retroactive renewal of more than 50 expired tax breaks associated costs. In February, the House considered two bills
for individuals and businesses. The legislation extended all that would have permanently extended credits for charitable
provisions through the end of the year without any offsetting giving and small businesses but met a veto threat from the White
tax increases or spending cuts. With the tax extenders already House. More recently, in May, the House passed legislation to
expired, Congress will once again need to revisit the issue. The permanently restore and expand the tax credit for business
White House has already threatened to veto any extension research which too met a veto threat from the White House.
19
