Magazine article The CPA Journal

Government Prepares for Shutdown

Magazine article The CPA Journal

Government Prepares for Shutdown

Article excerpt

The government's fiscal year begin October 1. Before then, Congress needs to pass and the President needs to sign 13 appropriations bills and a budget bill if they are to carry on after September 30. In addition, it is expected that we will bust through our national debt ceiling by mid-October. Congress needs to pass and the President needs to sign a new debt authorization bill if the government is to continue deficit spending after that date.

Yet, Congress and the President, at this writing are on a collision course. The President wants to balance the budget in 10 years, nine if he is pushed. In addition, he refuses to sign a tax cut bill that "benefits the rich." Congress insists on achieving a balanced budget in seven years and is convinced those tax cuts are being demanded by the electorate.

The President's people are exploring ways to continue the government's operation if either Congress fails to deliver appropriations bills or the President cannot stomach signing them. …

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