As we reported last week, the Federal Budget expires on March 14. Last Friday, the Senate passed a budget resolution. On Tuesday, the House of Representatives passed its own budget resolution. The bill proposes $4.5 trillion in tax cuts and about $2 trillion in reduction in spending over a decade. Since the documents need to be identical to proceed, both chambers need to negotiate an agreement to move forward.
Given the compressed timeframe and the narrow margins in both chambers, it is likely that another short-term extension, known as a Continuing Resolution, will be enacted prior to the deadline. Otherwise, a government shutdown will occur.
Contact: Paul Penna, Director of Government Affairs, ppenna@njlm.org, 609-695-3481, x110.