Debt Ceiling

According to Treasury Secretary Jacob Lew, Congress has approximately three weeks – until February 27 – to extend the nation’s debt ceiling (the current suspension expired on Friday; however, the Department of Treasury is able to extend the deadline using “extraordinary measures”).

House Republicans are still considering options for add-ons to the debt ceiling increase, but are reportedly close to introducing a relatively “clean” bill that extends the debt limit for one year. With both chambers in recess the week of February 17 for the Presidents’ Day holiday, the House may act on legislation this week.

This Week’s Hearings

  • Tuesday, February 11: The Senate Budget Committee will hold a hearing on the Congressional Budget Office’s (CBO) Budget and Economic Outlook for Fiscal Years 2014-2024, with CBO Director Douglas Elmendorf testifying.
  • Tuesday, February 11: The House Budget Committee will mark up two pieces of budget reform legislation: the Budget and Accounting Transparency Act of 2014 (H.R. 1872) and the Biennial Budgeting and Enhanced Oversight Act of 2014 (H.R. 1869).