The budget passed last month by the House — which cut about $61 billion from the government’s spending bill — just failed in the Senate.That was expected.
So what’s next in the fiscal fight.
BofA lays out the dates to watch.
- March 18: Continuing Resolution expires. Congress will either have to pass another two- or four-week CR, likely to be accompanied by spending cuts. Without another CR, the government will shutdown on March 19.
- April 15 to May 30, 2011- Debt Ceiling: The Treasury Department announced that the debt ceiling is likely to be breached between April 15 to May 30 – two weeks later than previously forecast.
- April – House Republicans are likely to release their budget. Speaker John Boehner has promised that the budget is likely to contain entitlement reform. If that promise materialises, it could trigger a badly-needed debate in the public arena.