In the last months of 2011, Congress worked diligently to pass the various legislative initiatives; going by the names of mini-bus, omnibus, and continuing resolution; to fund the federal government through to September 30, 2012 and closing out the FY 2012 budget process.
November is not just about football, leaves changing and Thanksgiving; in Washington, DC November means some heavy deadlines that could impact financial markets here and around the globe.
As Federal agencies throughout the country prepared for a government shutdown, negotiators from the White House, Speaker’s and the Senate Majority Leader’s offices met to hammer out a deal to advert the shutdown. As the countdown clock to a government shutdown went into the final minutes, the parties finally came to an agreement over the 2011 Fiscal Year Budget. On April 15th, President Obama signed into law the final continuing resolution (CR) for Fiscal Year 2011.
With the end of the 111th Congress on the horizon, both the House and Senate are working on ironing out details of a federal funding measure – continuing resolution (CR). It is anticipated that funding will be held at FY2010 levels.
