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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.
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.
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]
- 11/5/24: U.S. general elections held. Donald Trump is widely declared the winner and anticipated next President. The Senate and House were called in favor of Republicans in the following days and weeks.
- 9/26/24: President Biden signs the CR into law.
- 9/25/24: The Senate passes the CR mentioned and outlined in the bullet below. The measure heads to President Biden who is expected to sign the measure into law before appropriations lapse on October 1.
- 9/25/24: The House of Representatives clears a 12-week stopgap spending measure that would the federal government through December 20, 2024. The measure would punt any major spending battle until after the 2024 elections conclude. The CR largely at FY2024 levels, but provides additional funding for the Secret Service and FEMA disaster relief programs. It does not include a controversial measure to require proof of citizenship in order to register to vote. View Bill >
- 9/11/24: Amid growing opposition from House conservatives, Speaker Mike Johnson (R-LA) scraps a plan to vote on a temporary funding measure that would largely maintain FY2024 spending numbers through March 28, six months into the next fiscal year. The measure would have also coupled a provision to mandate proof of citizenship to register to vote.
- 9/3/24: The Biden Administrations submits its request for anomalies to Congress in anticipation of an upcoming CR. Anomalies are carveouts in CRs for specific federal program line items to receive different funding levels due to their inability to properly function on a prior year’s fiscal spending levels. They typically include disaster aid and funding for programs that have cyclical funding needs (e.g. the decennial census leading into a calendar year ending in zero).
- 3/23/24: Congress passes the last of its FY2024 spending packages, nearly six months after the start of the fiscal year. NABL FY2024 Tracker >
- 3/11/24: The White House published President Biden’s funding requests for the next fiscal year. The large package includes a request for $7.3 trillion in spending and proposed major tax law changes. Read NABL Summary >
More on Appropriations
FY2024 Appropriations
Review of the FY2024 federal appropriations process.
Biden Releases FY2025 Budget
The FY2025 appropriations season has begun. Here’s a quick summary of what’s inside and what we’re tracking.
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