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A debt ceiling vote and the 2012 budget will be the next major fiscal battles facing the U.S. throughout the rest of 2011.
Two key issues that will become inextricably linked will be raising the debt ceiling and passing a 2012 budget that will also put in place spending policies that will affect spending in the years to come.
Among the major federal programs that could see big changes, and big political arguments are Medicare and Medicaid, large-scale programs that work in conjunction with states that have been identified as some of the biggest liabilities the government will face in the next few years.
The current U.S. debt ceiling stands at $14.294 trillion.
Republicans are seeking to reduce the federal deficit by $4 trillion over the next decade, according to a proposal for the 2012 budget unveiled Tuesday.
In Mid-February, Obama's proposal sought $1.1 trillion in deficit reductions over the same period.
Treasury Sec. Timothy Geithner said the U.S. would reach its legally mandated debt ceiling of $14.294 trillion no later than May 16.
Geithner told Reid in a letter on April 4 that the Treasury could take certain extraordinary steps to postpone the date that the U.S. would default on its obligations by about 8 weeks.
He said there would be "no headroom" to borrow within the limit after July 8.
http://www.ibtimes.com/articles/132497/20110409/debt-ceiling-vote-government-shutdown-2011-budget-battles.htm#ixzz1J4H1QQOA
Two key issues that will become inextricably linked will be raising the debt ceiling and passing a 2012 budget that will also put in place spending policies that will affect spending in the years to come.
Among the major federal programs that could see big changes, and big political arguments are Medicare and Medicaid, large-scale programs that work in conjunction with states that have been identified as some of the biggest liabilities the government will face in the next few years.
The current U.S. debt ceiling stands at $14.294 trillion.
Republicans are seeking to reduce the federal deficit by $4 trillion over the next decade, according to a proposal for the 2012 budget unveiled Tuesday.
In Mid-February, Obama's proposal sought $1.1 trillion in deficit reductions over the same period.
Treasury Sec. Timothy Geithner said the U.S. would reach its legally mandated debt ceiling of $14.294 trillion no later than May 16.
Geithner told Reid in a letter on April 4 that the Treasury could take certain extraordinary steps to postpone the date that the U.S. would default on its obligations by about 8 weeks.
He said there would be "no headroom" to borrow within the limit after July 8.
http://www.ibtimes.com/articles/132497/20110409/debt-ceiling-vote-government-shutdown-2011-budget-battles.htm#ixzz1J4H1QQOA