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FISCAL CLIFF IN DECEMBER AND STALLED TAX BILL

On Sept. 8, 2017 President Trump signed HR 601, an emergency measure negotiated with congressional Democratic leaders, and passed by the Senate 80-17 and by the House 316-90 (all the "no" votes being Republican). The bill has four components:

1.  Provides $15.25 billion in emergency supplemental appropriations for Hurricane Harvey and other disasters, including $7.4 billion for the FEMA Disaster Relief Fund (passed a day before FEMA’s disaster funds would have been exhausted), $450 million for the Small Business Administration Disaster Loan Program, and $7.4 billion in Community Development Block Grant funding for areas most affected by the 2017 disasters;

2.  Extends the National Flood Insurance program, which was due to expire September 30, to December 8, 2017;

3.  Suspends the debt ceiling through December 8, 2017, temporarily avoiding a Treasury default on U.S. obligations; and

4. Provides continuing appropriations (effectively, a “continuing resolution”) to fund the federal government at current FY 2017 levels through December 8, 2017, avoiding a federal shutdown when the new fiscal year begins October 1.

While the measure provides much-needed emergency disaster relief, the “fiscal cliff” has only been postponed until December 8th, when a federal shutdown and economically catastrophic default faces the nation absent bipartisan agreement on spending levels and the debt ceiling – both requiring 60 votes in the Senate.

(The exact date of a default crisis will depend on Treasury’s cash balances on December 8 and the timing of government spending on disaster relief.)...

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About Charles S. Konigsberg and the Federal Budget Group LLC
Charles Konigsberg

Charles Konigsberg, President of the Federal Budget Group and Founder of FedWeb.com, has served as Assistant Director at the White House Office of Management and Budget, General Counsel and minority Chief Health Counsel at Senate Finance Committee, Minority Chief Counsel at Senate Rules Committee, Staff Attorney at Senate Budget Committee, and is Author of America’s Priorities: How the U.S. Government Raises and Spends $3 Trillion Per Year.

2017 Congressional Calendar

(Note: House is in recess numerous Mondays and Fridays; check majorityleader.gov)

  • Jan 3: Congress convenes
  • Jan 16: MLK, HSE recess thru 1/19
  • Jan 20: Inauguration
  • Jan 26-27: HSE recess
  • Feb 9-10: HSE recess
  • Feb 20-24: Pres Day recess
  • Apr 10-21: Easter/Passover recess
  • May 5-15: HSE recess
  • May 29-Jun 2: Mem Day recess
  • Jul 3-7: July 4 recess
  • Jul 31-Sept 4: Summer recess
  • Sept 21-22: Rosh Hashanah recess
  • Col. Day: Oct 9; SEN thru 10/13
  • Oct 16-20: HSE recess
  • Nov 10: Vets Day recess
  • Nov 20-24: Thanksgiving recess
  • Dec. 14/15: Target Adjournment