Archive for August 1, 2012
Back in May, I predicted a series of likely budget confrontations facing Congress late this year or early next: the expiration of the payroll tax holiday, the need to again raise the debt ceiling, expiration of the Bush tax cuts, the sequestration of funds mandated by the last debt ceiling deal, the annual October 1 end of the fiscal year, and possible moves on spending, Social Security, and Medicare. Last week, I gave an update dealing with sequestration, and another update this week on votes concerning the Bush tax cuts.
These important issues might go in unexpected ways. Yesterday, in a relatively quiet no-drama bipartisan deal, leaders of both Houses and both major Parties reached agreement to keep the federal government running until after the November election. It’s but a six-month continuing resolution, which means they’ll have to come back to the subject next year, but they got it done two months early instead of waiting until well after the last minute.