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Tag Archives: debt limit

Fiscal Deal Includes Back Pay for Workers Furloughed During Shutdown

The funding measure approved by Congress late Wednesday night includes language that grants back pay to federal workers that were on furlough during the 16-day government shutdown, GovExec reported Wednesday. Kellie Lunney writes federal staff who have been excepted from the shutdown but were required to work are guaranteed retroactive …

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Report: Fed, Treasury Start on Default Contingency Plans

The Federal Reserve System and the U.S. Treasury have started working to develop a contingency plan in case the government fails to extend the nation’s $16.7 trillion debt ceiling by Oct. 17, Reuters reported Thursday. Tim Reid and Jonathan Spicer write officials are evaluating options on how to handle the potential impact of …

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Contractors Watch Congress as Shutdown Deadline Fast Approaches

The high probability of a government shutdown if Congress and the White House do not reach a funding deal has contractors preparing for potential ramifications on on their businesses,  Politico reported Monday. Leigh Munsil writes contractors would not able to communicate with many government employees during the shutdown, if it …

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Report: Supercommittee Set to Announce Failure

High hopes that the congressional supercommittee charged with proposing a deficit reduction solution appear to be dashed as Republican and Democratic leaders of the panel are set to announce failure, according to a report from Reuters on Monday. The supercommittee was charged with proposing at least $1.5 trillion in savings …

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Deficit ‘Super Committee’ First Meeting Thursday

The congressional deficit reduction committee, known as the “super committee,” is holding its first public meeting Thursday. Committee co-chairs Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Tex.) said the first meeting will be an organizational meeting. The co-chairs and the 10 other members will make opening statements and consider …

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Debt Deal Done, What Now for Fed Workers?

After much debate, legislation to raise the debt ceiling and cut spending passed through Congress Tuesday and was signed by President Barack Obama right away. The legislation contains no measures targeting federal employees. However, Government Executive reports groups representing federal employees know pay and benefits will be targeted soon. The …

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Treasury: It’s Business as Usual

Assuming Congress passes the debt ceiling increase Tuesday, the Treasury announced Monday it plans to borrow $331 billion in the current quarter. Reuters reports the Treasury is proceeding as if the debt ceiling increase will be passed and signed by President Barack Obama. The Treasury has said it would not …

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President, Congressional Leaders Reach Debt Limit Deal

President Obama and Congressional leaders agreed Sunday night to raise the federal debt limit, with one day left before the Treasury said it would start being unable to meet government obligations. Obama announced the deal Sunday night in a televised statement from the White House briefing room. The deal raises …

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Bill Would Protect Military Pay if Govt. Defaults

House lawmakers introduced a bill Wednesday that ensures military personnel will still be paid even if the federal government defaults, GovExec reports. Rep. Steve King (R-IA), a co-sponsor, introduced H.R. 2496, the “PROMISES (Payment Reliability for our Obligations to Military and Investors to Secure Essential Stability) Act” to prevent interruption …

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