U. S. Capitol building

Set-Aside Alert news analysis:

Debt default averted: Bipartisan bill cuts fed’l spending by 1%

      Congress narrowly avoided causing a devastating default in the nation’s ability to borrow funds by approving a deal with President Joe Biden to suspend the debt ceiling until Jan. 1, 2025, shortly after the 2024 election.

      In exchange for allowing a raise to the debt ceiling, federal spending will be capped at approximately current levels in fiscal 2024 and will be cut by 1% in fiscal 2025. Those caps likely would cause agency budgets to fall behind inflation. The bill also made several policy and program changes.

      The House and Senate voted to approve a bill to carry out the deal, and the president signed it, just days before the June 5 deadline when the nation’s credit limit would have had a catastrophic breach.

      For federal contractors, the avoidance of default brings relief that feared delays and disruptions in payments also have been avoided and the current appropriations may be spent roughly on schedule through the end of the fiscal year on Sept. 30. The traditional “busy season” for federal spending starts on July 1, as it does each year...more....

     

Debt default averted: Bipartisan bill cuts fed’l spending by 1%

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