On October 17, 2013 the United States Congress passed the
Continuing Appropriations Act 20131, an
appropriations law designed to restore supply to the various
agencies and organs of the United States Federal Government which
had been without legal access to public funds since October 1, 2013
resulting in a partial government "shutdown". The Act
also postponed the imposition of the so-called "debt
ceiling" until February 7, 2014.
The debt default crisis of October, while not in the forefront
of our minds, is far from over. The very same issues facing US
legislators last month will resurface after Christmas. The
political calculus of the actors in this drama might be different,
as the government shutdown and debt ceiling roulette appears to
have been very unpopular with voters. Some decision-makers might
try to steer away from the risk of default in February, by refusing
to allow the debt ceiling to be a lever in negotiations. Others,
however, might convince themselves
