President’s Budget Proposal to be in Two Parts

Hill Update: Debt Limit Extended
NJ Votes 9-3 in Favor

President's Budget Proposal to be in Two PartsOn February 5, 2014, the Administration announced that the President’s fiscal year (FY) FY 2015 budget proposal would be released in two parts.

It is expected that topline figures will be released on Tuesday, March 4, while programmatic details will be expected to be released on Tuesday, March 11.

Treasury Secretary Jacob Lew recently announced that the Treasury Department expects to exhaust the extraordinary measures currently being used to avert exceeding the debt limit on Thursday, February 27.

The House voted on March 11, 2014 on a ‘clean’ debt limit increase. The clean debt limit increase is expected to pass through both chambers.

The House vote according to the NY Times – 221-201:

“relied primarily on Democrats to carry the legislation, the first debt ceiling increase since 2009 that was not attached to other measures. Only 28 Republicans voted yes. But it effectively ended a three-year, Tea Party-fueled era when a series of budget showdowns raised the threat of debt defaults and government shutdowns, rattled economic confidence and brought serious scrutiny from an international community questioning Washington’s ability to govern.”

All members of the NJ House delegation voted in favor except for Congressmen Rodney Frelinghuysen, Scott Garrett and Leonard Lance who voted against the debt ceiling agreement.

The New York Times has posted on its website a two minute video explaining the debt ceiling issue.