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FY2025 Appropriations

We are tracking the status of FY2025 appropriations, where things stand, and what it all means for bond lawyers.

Image of hearing room sign outside of the U.S. Senate Committee on Appropriations.
Image of hearing room sign outside of the U.S. Senate Committee on Appropriations.

Last Updated December 4, 2024

Congress and the Administration have had until September 30, 2024, to provide appropriations for the federal government’s fiscal year 2025. Given the normal complexities of appropriating the government on time and the upcoming 2024 elections in November, it seemed highly likely that Congress would need to fund the government on a temporary basis via one or more continuing resolutions (CR). The federal government is now operating on a CR that expires on December 20, 2024. Like FY2024, spending parameters for FY2025 will be subject to limitations outlined in the Fiscal Responsibility Act (FRA) of 2023, also known as the Bipartisan Debt Deal, including a cap on discretionary spending of $1.606T and an automatic restriction to discretionary spending in the event of a CR lasting beyond January 1, 2025.

What’s Next

The federal government will operate on a CR that temporarily funds the government through December 20, 2024. Lawmakers now have until that date to either complete FY2025 appropriations, pass another CR, or risk a government shutdown right as they adjourn for the winter holidays. Congressional Republicans generally support a second temporary spending solution that would fund the government beyond January, when they will control both chambers of Congress as well as the White House.

100 US Dollar Bills. Source: Jericho via Wikimedia Commons.

New to Appropriations?

Check out our primer on the federal appropriations process.

Updates

You can track the status of both chambers’ work to complete all 12 appropriations bills here. NABL will continue to keep members informed as more becomes available. [New Updates Highlighted]

More on Appropriations

U.S. Capitol Building. Source: Ron Cogswell via Flickr
  • News

FY2024 Appropriations

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President Joe Biden (D) waves at the attendees during his State of the Union Address on March 7, 2024.
President Joe Biden (D) waves at the attendees during his State of the Union Address on March 7, 2024.
  • News

Biden Releases FY2025 Budget

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Illustration of a groundhog peering over the National Mall in Washington DC.
  • News

Groundhog Day in Washington

Congress’ long campaign of “hurry up and wait” stretches into February; a tax deal passes the House but faces uncertainty in the Senate; FY2024 spending update; and the SEC suspends…

Other Resources

Market graphic imposed on US Treasury Building in Washington, D.C.
Market graphic imposed on US Treasury Building in Washington, D.C.
  • Issue Briefs

Understanding the Debt Ceiling

What are the debt ceiling and federal downgrades, and what do they mean for municipal bonds.

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