Senate Easily Passes Budget

Date: January 17, 2014

Debt ceiling may be hit sooner than previously thought.

The Senate easily passed the compromise $1.1 trillion omnibus spending package Thursday, sending it to the President’s desk for his signature. Some media reports suggest the compromises that marked the budget process may not re-appear in the forthcoming debt limit debate. The Washington Post says Senate leaders are “already anticipating the next deadline: raising the debt limit, the final fiscal hurdle that lawmakers must clear before they stand for midterm elections this fall.” While Senate Majority Leader Harry Reid said the Treasury Department can get by until May without a debt ceiling increase, Treasury Secretary Jack Lew warned that borrowing authority could would be more likely to run dry in late February than it would in March.

What this means for business:

Media reports indicate that President Obama is all but certain to sign the compromise budget, eliminating chance of a government shutdown until at least September 30. However, there are prospects of fights over the debt limit that could undercut recent bipartisanship, and that fight could come sooner rather than later.

Next steps:

President Obama is expected to sign the budget.

Further reading:

The Wall Street JournalThe Hill, the AP, and Bloomberg News have more on the Senate vote.

This news article is intended to keep small business owners apprised of current events that may affect them. It does not necessarily reflect NFIB’s policy position on such issues.

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