- Government shutdown averted for the fourth time since October 1st. Bill has been introduced to fund the government and end the threat of a closure.
Although regular citizens are certainly impacted when the government experiences a shutdown, members of the federal workforce are hurt the most when a shutdown causes their pay to be furloughed. So, these past few months could have been understandably nerve wracking for many feds as Congress continuously approached the government shutdown deadlines before passing a stop-gap measure that punted the threat of a work stoppage down the road.
The continuing resolution that was approved by Congress last week was the fourth such budgetary measure to keep the government from closing since the first funding bill was passed in the waning hours of last September. The other two were passed in mid-November and then mid-January.
Webinars and Retirement Training for Federal Employees
The latest stop-gap measure to make it through Capitol Hill only moved the government shutdown deadline from March 1st to March 8th – this upcoming Friday. Like the two budget bills before it, it was “two-tiered” so only some agencies will be impacted by the first deadline and then the majority of other federal agencies would close March 22nd without action from Congress.
Over the weekend, a 1050 page bill was introduced that would fund the US government for the rest of Fiscal Year 2024 (up to September 30th) and end the shutdown threat… for a while at least. Both Democrats and Republicans have touted parts of the lengthy bill as party wins, but far-right representatives in the House have voiced opposition. Democratic Senator Chuck Schumer said it maintains investments in America’s “families… workers, and… National Defense.” The Speaker of the House, Republican Mike Johnson, noted the bill makes “sharp cuts to agencies and programs.” These funding cuts include a 10% funding decrease for the EPA, 7% for the ATF, and 6% for the FBI.
--
Until Next Time,
You Might Also Enjoy this Podcast:
**Written by Benjamin Derge, Financial Planner, ChFEBC℠ The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
