Update on Continuing Resolution
With the House of Representatives passing H.R. 1, a bill that would extend the 2011 Continuing Resolution to the end of the fiscal year, Senate Majority Leader Harry Reid said he intends to introduce a 30-day CR extension, given the drastic cuts included in the House bill. H.R. 1 eliminates roughly $100 billion in discretionary spending, including programs funded through the Patient Protection and Affordable Care Act, making it the largest single discretionary spending cut in the nation’s history.
Majority Leader Reid’s proposed extension does not include increases, decreases or new legislative proposals. The 30-day extension would simply allow more time for the Democrat-controlled Senate and the Republican-controlled House to reach a compromise for the remaining months of the fiscal year, which ends October 30, and would prevent the looming government shutdown on March 4. However, Speaker of the House John Boehner has said that any agreement must include cuts to federal levels spending.
If there is no agreement between the House and Senate, there is the strong possibility of a government shutdown as was the case during the Clinton Administration in 1995. The Senate is expected to vote on Reid’s extension after members return from recess Feb. 28.