Debt Ceiling

The suspension of the nation’s debt ceiling authorized by the FY 2014 Continuing Resolution (P.L. 113-46) will expire on Friday; however, the Department of Treasury predicts it will be able to extend the deadline through the end of February using accounting techniques knows as “extraordinary measures”.

The debt ceiling increase was a primary topic of discussion during the House Republican retreat last week and party leaders may introduce legislation this week. While the President and Congressional Democrats hold the position that any debt ceiling increase should be “clean”, House Republicans are considering several options to incorporate into the legislation: a balanced budget amendment; Keystone XL pipeline construction; and repeal of individual healthcare reform provisions.

Congressional Budget Office Economic and Budget Outlook

On Tuesday, the Congressional Budget Office (CBO) will release its annual Economic and Budget Outlook. CBO Director Douglas Elmendorf will testify on the report before the House Budget Committee on Wednesday, as noted below.

This Week’s Hearings

  • Tuesday, February 4: The Senate Budget Committee will hold a hearing titled, “The 2014 Outlook: Moving from Constant Crises to Broad-Based Growth.”
  • Wednesday, February 5: The House Budget Committee will hold a hearing titled, “The Congressional Budget Office’s Budget and Economic Outlook.”