The House is expected to pass this week a six-month continuing resolution (CR), H.J. Res. 117, to provide funding for all federally funded programs during the first half of FY 2013, which begins on October 1, 2012. The CR would increase funding by 0.6 percent for all federally funded programs and expire on March 27, 2013.
A CR is necessary to continue providing funding for federal agencies, including HUD and USDA, because Congress has not completed work on FY 2013 appropriations bills. See NCSHA’s July 2 blog post for more information on the status of the HUD and USDA FY 2013 appropriations bills.
Before Congress left for August recess, Speaker of the House John Boehner (R-OH), Senate Majority Leader Harry Reid (D-NV), and President Obama reached a basic agreement on a CR to ensure continued federal funding into the new fiscal year. The legislation is expected to pass the House this week and the Senate next week and then be signed by the President. The spending level contained in the CR is $1.047 trillion, which is the FY 2013 spending cap level included in the Budget Control Act. The spending level is about $8 billion more than the FY 2012 overall funding level and the legislation distributes the increased funding through a 0.6 percent across-the-board funding increase.
Members of both parties are seeking to pass the CR in order to prevent any threat of a government shutdown when FY 2012 ends on September 30. Passage of the CR would allow the next Congress to finalize FY 2013 appropriations before the CR expires in March 2013. It would also allow Congress to take FY 2013 funding bills out of the mix of legislation expected to be considered between the election and the end of the year. Congress is expected to consider legislation to address the scheduled January 2, 2013 across-the-board funding cuts, or sequestration, and the expiration of the 2001 and 2003 tax cuts during the lame duck session.
See NCSHA’s budget chart for more information on FY 2012 program funding levels.