Upcoming Congressional Fiscal Policy Deadlines
Dec 7, 2018 | Budget Process
Updated 12/7/2018: A two-week continuing resolution was signed on December 7. Five of 12 appropriations bills have been signed. The other appropriations bills or another continuing resolution must be passed before funding expires on December 21.
Congress failed to meet two of its November 30 deadlines, with the Joint Select Committee on Budget and Appropriations Process Reform failing to report its recommendations, while the pension committee did not even markup a proposal. The House of Representatives was considering, but did not yet vote on, a bill that would have extended tax provisions that expired at the end of 2017.
The next two years contain several predictable fiscal policy deadlines that will force Congressional action. Many of these deadlines could bring additional costs if Congress acts irresponsibly or could represent a moment for Congress to reduce deficits.
We will regularly update this tracker to help reporters, Congressional staff, and others interested in fiscal policy keep tabs of major deadlines. We recommend that you bookmark it and come back to check in.
Congress will need to act on each of these dates or enact short-term extensions to move the deadlines.
| Issue | Deadline | Potential Ten-Year Cost | More Information | |||
|---|---|---|---|---|---|---|
| National Flood Insurance Program Reauthorization Needed | December 21 | TBD | The House and Senate elected to extend the deadline for another four months at the end of July. More on NFIP | |||
| Funding the Government / Appropriations | December 21 | None if Congress abides by budget caps | Shutdown occurs if Congress does not pass appropriations or short-term extension. Q&A: Everything You Should Know About Government Shutdowns Appropriations Watch |
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| Expiring Authorizations | October 1, December 21 |
TBD |
October 1: Farm bill, Pandemic and All-Hazards Preparedness Reauthorization Act, and Land and Water Conservation Fund December 21: Violence Against Women Act |
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| First Expiration of the 2017 Tax Bill: Medical Expense Deduction | December 31 | $2.5 billion for 1 year; $25 billion if extended permanently | The deduction would shrink, covering expenses that exceed 10% of adjusted gross income instead of 7.5% currently. | |||
| “Tax Extenders” – 20+ tax breaks that expired in 2017 | December 31, 2017 Must-act deadline: early 2019 |
~$10 billion for 1 year; $80 billion if extended permanently | Retroactively reinstated for 2017; currently expired for 2018. Can theoretically be reinstated before the start of the tax filing season (typically mid-to-late January 2019). | |||
| Lift Debt Ceiling | March 2, 2019 Must-act deadline: several months later |
N/A | The debt limit was suspended by the Bipartisan Budget Act of 2018 through March 2019. Treasury will be able to use “extraordinary measures” past that point to avoid breaching the debt ceiling. Q&A: Everything You Should Know About the Debt Ceiling |
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| Increased Defense/Non-Defense Discretionary Caps | October 1, 2019 | One-year: $125 billion; up to $1.7 trillion if extended | The Bipartisan Budget Act of 2018 set funding levels for 2018 and 2019. Sequester-level caps return for FY 2020 and 2021. Discretionary spending caps are scheduled to fall by $125 billion between 2019 and 2020. | |||
| Paid Family Leave Credit Expires & ACA Taxes Reinstated | December 31, 2019 | ~$20 billion for 1 year; $185 billion if extended permanently | Includes the delays of the medical device tax and health insurance tax from the January 2018 CR and the expiration of a paid leave credit created by the 2017 tax bill. Three-Week Funding Deal Includes $30 Billion in Tax Cuts |
Longer-Term Deadlines
- 2022: Highway Trust Fund Exhaustion
- 2025: Multiemployer Pension Insurance Fund Exhaustion
- 2025: Social Security Disability Insurance (SSDI) Trust Fund Exhaustion
- 2026: Medicare Hospital Insurance (Part A) Trust Fund Exhaustion
- 2032: Social Security Old-Age and Survivors Insurance (OASI) Trust Fund Exhaustion
These trust fund exhaustion dates are estimates provided by the Congressional Budget Office. The Social Security Trustees project slightly different dates of 2032 for Disability Insurance and 2034 for Old-Age and Survivors Insurance.
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