Seventeen days after the federal government shut down, the Congress passed a short-term funding measure to re-open the government and stave off an impending breach of the nation’s debt ceiling. The measure, adopted first in the Senate on a 81-yeas to 18-nays vote in the early evening and then in the House on a 285-yeas to 144-nays, was signed by the President shortly after midnight, officially ending the government shutdown. Funding for the government at current spending levels will continue through January 15, 2014, while the debt limit has been suspended through February 7, 2014.
A Budget Conference Committee has been created to hash out full year FY2014 appropriations as well as longer-term deficit issues. The Conference Committee will consist of a mix of Senators and House Member from both parties and will be led by Senate Budget Chairwoman Patty Murray (D-WA) and House Budget Chair Paul Ryan (R-WI). Recommendations from the Conference Committee are due December 13, 2013.
And this from AEO…
AEO Statement on the Passage of Congressional Budget Deal
October 17, 2013
On behalf of the Association for Enterprise Opportunity (AEO) and its more than 450 member and partner network, we are pleased that the Congress has come together to end the 16-day old government shutdown and avert a debt crisis.
The ongoing stalemate directly affected entrepreneurs and microbusinesses, which employ 25.5 million Americans across the country, as well as our members’ ability to serve them, with the forced closure of the Small Business Administration and the halt in applications and approvals of business loans.
While we are relieved that the Congress enacted legislation to open the government and stave off the debt ceiling, the nature of the three-month agreement is exactly the opposite of responsible governance. Microbusinesses are the most vulnerable to shifts in the economy and this type of short-term solution seeking does little to create certainty and enhance confidence for entrepreneurs looking to grow their businesses.
In an effort to get America back to work, AEO will continue to urge the Congress and the President to work together to forge an economic plan that strengthens the economic environment necessary for microbusinesses to thrive.