This week the House and Senate are considering FY 2016 budget resolution proposals, both of which passed committee along party-line votes, and call for major reductions in federal spending and comprehensive tax reform.
Tag Archive: Budget Resolution
Last week, following a two-week government shutdown and standoff over raising the debt ceiling, lawmakers approved legislation to extend spending levels through Jan. 15 and raise the debt limit through Feb. 7. The agreement also includes the creation of a Conference Committee charged with dealing with broad budgetary issues.
Last week, both the House and the Senate passed their FY 2014 budget resolutions which are significantly different, and neither of which is expected to win approval in the other chamber, leaving agreement on a broader budget package up to leadership negotiations.
Members of Congress are working on critical budget and finance measures, namely, the House approved of a bill to suspend the federal debt ceiling through May 18, and the Senate is crafting their own FY 14 Budget.