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The Budget and the Debt Ceiling: Federal Spending in the Crosshairs

Oct 4, 2021 11:17:25 AM
written by The Retirement Group

On September 30, 2021, Congress averted a potential federal government shutdown by passing a continuing resolution to provide funding for government operations through December 3, 2021.[1] This was only a temporary measure, and lawmakers will continue to wrestle with the budget for fiscal year 2022, as well as the debt ceiling, which requires action by mid-October.

Both of these issues have become increasingly contentious over the past decade, and they are made especially difficult this year due to simultaneous negotiations on two large spending initiatives, the roughly $1 trillion infrastructure bill, which has bipartisan support, and the $3.5 trillion budget package funding education, climate initiatives, and health care, which is split along party lines.

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