Key Upcoming Dates
February 4, the President’s 2014 Budget Proposal: By law, the president must propose a budget by the first Monday in February. But since there is as yet no 2013 budget, the Administration has delayed the release of the 2014 budget proposal.
March 1, the Sequester: The automatic, across-the-board spending cuts that were scheduled to begin on January1 were instead delayed until March 1 as part of the fiscal cliff deal. Congress needs to delay these cuts again, or pass a 2013 budget, in order to prevent these large harmful cuts.
March 27, the Continuing Resolution: Congress has not yet passed a full budget for the 2013 fiscal year that began in October, 2012. Instead, in a “Continuing Resolution,” the 2012 budget was extended through March 27. If Congress has not agreed on a budget deal by that time, there could be danger of a government shut-down or other tough negotiations about tax and spending levels.
April 15, the Fiscal Year 2014 Budget Resolution: By law, Congress must adopt a budget resolution for fiscal year 2014 by this date. A budget resolution specifies, in broad outline, what the spending and revenue levels will be. (See the budget process page)
May 19, Debt Ceiling: By law, Congress sets the limit (ceiling) on the amount of money the federal government may borrow. As we continue to run a deficit and total borrowing increases, Congress must periodically raise the debt ceiling. It is expected that we will reach the current debt limit around May 19.