The House Budget Committee is expected to hold a hearing on the budget and economic outlook in the near future. Douglas W. Elmendorf, director of the Congressional Budget Office, will serve as a witness.
The report states:
Current law leaves many key budget issues unresolved, and this year, lawmakers will face three significant budgetary deadlines:
Automatic reductions in spending are scheduled to be implemented at the beginning of March; when that happens, funding for many government activities will be reduced by 5 percent or more.
The continuing resolution that currently provides operational funding for much of the government will expire in late March. If no additional appropriations are provided by then, nonessential functions of the government will have to cease operations.
A statutory limit on federal debt, which was temporarily removed, will take effect again in mid-May. The Treasury will be able to continue borrowing for a short time after that by using what are known as extraordinary measures. But to avoid a default on the government’s obligations, the debt limit will need to be adjusted before those measures are exhausted later in the year.