In the old days, Congress would disagree over the federal budget for a few months before coming together to pass a budget by the start of the new fiscal year on October 1. This changed in the 1990s. The budget has since become a political battleground with Congress rarely passing a budget on time. The current fiscal year is no exception with the Super Committee looking at deficit reductions and elections looming in 2012.
This fiscal year 2012 has started under a Continuing Resolution (CR). CRs are normally a simple pro-rata allocation of the prior fiscal year that funds the government while Congress works toward a solution. For example, the current CR provided 45/365 (Oct. 5 to Nov. 18) of last year’s funding levels, minus 1.5%, to Executive Branch Agencies. Congress passed a “minibus” on Thursday containing three appropriation bills but most of the government is under another CR until December 16. Keep reading →