With a last minute deal on the appropriations bill, the government is back in business, but will have its hands full if they are to avoid the next fiscal speed bump on the road to a budget agreement.
The deal reached earlier this month, just hours before the deadline to default on our national debt, essentially just extended the countdown a few months, raising the debt ceiling until early 2014.
The Committee for a Responsible Federal Budget graphed the key dates coming up (and extending until 2018) in the ongoing debt ceiling debate. Below are 5 key deadlines:
December 13, 2013: Budget conference committee reports its recommendations.
January 1, 2014: “Doc Fix,” farm bill, unemployment benefit expansion, & tax extenders all expire.
“On January 1, Medicare provider payments will be cut by 24% unless a “doc fix” is enacted, the farm bill will expire and prices will revert back to 1949 law, the unemployment benefit expansion will expire, and some “tax extenders” will sunset,” CRFB reports.
January 15, 2014: Continuing resolution expires, second sequester on mandatory funding takes effect, first set of IPAB recommendations are proposed.
September 30, 2014: Highway bill expires.
January 1, 2018: Health Insurance “Cadillac Tax” begins and refundable tax credit expire.
Both sides agree that there won’t be a “grand bargain” on the budget come January 15. Do you believe them?