fiscal conditions

fiscal conditions

Congress Passes and President Signs Bill to End Shutdown, Lift Debt Ceiling

October 17, 2013

Last night on October 16, Congress voted to pass a bill to fund the federal government through January 15, 2014 and suspend the debt ceiling until February 7, 2014. The Treasury Department will likely be able to take extraordinary measures to continue borrowing past February 7. The Senate passed the measure by a vote of 81-18, and the House followed by approving the measure by a vote of 285-144.

The Scope of Economic Effects from the Shutdown May Be Widening

October 15, 2013

Over the past two weeks, many press articles have discussed the effects of the federal shutdown on states. Topics that have been addressed include the Women Infants and Children (WIC) program, Supplemental Nutrition Assistance Program (SNAP), the closing of national parks, the furloughing of state’s federally funded employees and the implications for state tax revenues. However, less attention has been given to the consequences from the widening economic effects caused by the shutdown and the federal debt ceiling impasse.

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Issue Brief: Federal Shutdown - Understanding the Impact & Challenges for States

October 10, 2013

As the federal government shutdown continues, state officials are wrestling with difficult questions and challenges as they try to mitigate the shutdown’s impact on their states. Based on information from state budget officers, NASBO has prepared an issue brief describing some of the major challenges states are facing at this moment. This brief also provides examples of major federally-funded programs at risk of closing down or reducing benefits if the shutdown continues.

The Federal Shutdown's Impact on States

October 4, 2013

At this time, it remains unclear how the conflict in Washington over funding the federal government will be resolved and how long the shutdown will last. While Congress stands at an impasse on budget negotiations, states are busy digesting federal agency shutdown guidance while developing and executing their own contingency plans for programs that are fully or partially funded by federal dollars.

Federal Shutdown Begins; Path to Resolution Unclear

US Capital
October 1, 2013

Last night, Congress failed to come to an agreement on a continuing resolution (CR) to continue funding the federal government into fiscal 2014. As a result, at midnight on October 1, the government shut down for the first time since the shutdowns of 1995-1996. The Office of Management and Budget (OMB) sent official guidance to federal agencies shortly before midnight last night directing them to execute their shutdown plans.

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No Agreement in Sight to Keep Federal Government Running When FY 2014 Begins

September 30, 2013

Last week, NASBO published information and links to resources on what a possible federal government shutdown could mean for states and for the country. Since that time, the likelihood of a shutdown has increased significantly. With no agreement in sight between the two chambers on a continuing resolution (CR), a government shutdown, at least one lasting a few days, will be difficult to avoid at this point.