Friday, May 25, 2018

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

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