Continuing Resolution and Debt Ceiling Suspension Legislation Enacted
On Oct. 17, federal government agencies, including HUD and USDA, opened after Congress passed and President Obama signed the Continuing Appropriations Act of 2014, H.R. 2775. The bill, which received bipartisan support in both chambers, provides FY 2014 funding, effective Oct. 1 through Jan. 15, at the FY 2013 post-sequestration funding level of $986 billion.
Congress now has until Jan. 15 to pass additional FY 2014 appropriations legislation to keep federally funded agencies in operation. The bill also suspends the debt limit through Feb. 7, allowing the Treasury to continue meeting federal debt obligations.
Also, the Senate and House agreed to a formal conference on the FY 2014 budget in an attempt to craft a long-term solution. The Senate-passed Budget Resolution set a FY 2014 discretionary spending limit of $1.058 trillion, and the House-passed Budget Resolution set a limit of $967 billion.