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Biden Signs Stopgap Continuing Resolution To Avert Government Shutdown

US

US President Joe Biden has signed the short-term government funding Continuing Resolution which was passed by Congress yesterday, averting a partial government shutdown which would have taken place at midnight tonight.

  • According to a White House statement: "H.R. 7463, the “Extension of Continuing Appropriations and Other Matters Act, 2024,” which provides fiscal year 2024 appropriations to Federal agencies for continuing projects and activities funded in 4 of the 12 annual appropriations bills through March 8, 2024. For the remaining 8 annual appropriations bills, the CR provides funding through March 22, 2024."
  • With a framework agreed by Congressional leaders in place, it is likely Congress will pass the first four full-year spending bills next week. However, risk remains acute at the March 22 deadline when the second bucket of more challenging bills - including defence, homeland security, and financial services, and labour, must be passed.
  • The length of the CR provides some flexibility for another short-term funding measure if spending bills aren’t agreed but there is unlikely to be much appetite amongst House Republicans for a fifth CR of the fiscal year.
  • Additionally, April 30 is a hard deadline for legislating full-year spending bills. Without a FY2024 budget in place on April 30, a one-percent budget cut would be enforced across all government agencies.
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US President Joe Biden has signed the short-term government funding Continuing Resolution which was passed by Congress yesterday, averting a partial government shutdown which would have taken place at midnight tonight.

  • According to a White House statement: "H.R. 7463, the “Extension of Continuing Appropriations and Other Matters Act, 2024,” which provides fiscal year 2024 appropriations to Federal agencies for continuing projects and activities funded in 4 of the 12 annual appropriations bills through March 8, 2024. For the remaining 8 annual appropriations bills, the CR provides funding through March 22, 2024."
  • With a framework agreed by Congressional leaders in place, it is likely Congress will pass the first four full-year spending bills next week. However, risk remains acute at the March 22 deadline when the second bucket of more challenging bills - including defence, homeland security, and financial services, and labour, must be passed.
  • The length of the CR provides some flexibility for another short-term funding measure if spending bills aren’t agreed but there is unlikely to be much appetite amongst House Republicans for a fifth CR of the fiscal year.
  • Additionally, April 30 is a hard deadline for legislating full-year spending bills. Without a FY2024 budget in place on April 30, a one-percent budget cut would be enforced across all government agencies.