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Upcoming deadlines in debt limit, budget fights

Upcoming deadlines in the budget and debt limit fight:

• Feb. 4: The president is legally required to submit a budget for the upcoming fiscal year by the first Monday in February. Presidents often ignore this deadline with no consequence. Obama may not submit his 2014 budget until March.

• Late February or early March: When Treasury expects to exhaust its ability to draw cash from various federal accounts to pay government bills and avoid default, unless Congress — as expected — extends the government's ability to borrow money.

• March 1: When a two-month delay expires in automatic, across-the-board spending cuts that by law were supposed to begin Jan. 1. The cuts would be for about $85 billion through Sept. 30, divided evenly between defense and domestic programs.

• March 27: When legislation expires that has been temporarily financing federal agencies since last fall. Unless Congress provides additional money, the government would shut down.

• April 15: Legal deadline for Congress completing a budget for 2014. Usually ignored, with no consequence.

• May 18: The date through which the government would be allowed to borrow money under legislation the House approved Wednesday and the Senate was expected to approve quickly.

Associated Press

Upcoming deadlines in debt limit, budget fights 01/23/13 [Last modified: Wednesday, January 23, 2013 9:33pm]
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