ARTICLE · 02 JANUARY 2014

Budget Deal Passed: Next Steps

Drinker Biddle & Reath LLP

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As the year winds to a close, the House and Senate have both approved a bipartisan budget deal, which sets allocations for the remainder of Fiscal Year (FY) 2014 and for FY 2015.

United StatesGovernment, Public Sector

Rebecca McGrath

As the year winds to a close, the House and Senate have both approved a bipartisan budget deal, which sets allocations for the remainder of Fiscal Year (FY) 2014 and for FY 2015. The President is expected to sign the deal.

The agreement provides $1.012 trillion for FY 2014 and $1.014 trillion in FY 2015. While it does not completely address sequestration, the budget deal provides some relief from the sequester for discretionary spending; $63 billion for both years. For more information on the specifics of the deal click here: http://www.budget.senate.gov

So what happens next?

The House is now home for the holidays and the Senate will follow shortly. Appropriations Committee staff will be working overtime to try to draft language for the remainder of FY 2014 that Congress will consider when they return in the New Year. The current Continuing Resolution (CR) expires on January 15th.

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