Congress has a list of vital legislation it must approve before the new Congress is sworn in on Jan. 3. Failure to act will result in a government shutdown and a potential default on the nation’s debt.
There are two key deadlines
The first is Dec. 20 when government funding expires.
Lawmakers need to pass up to 12 bills to fund government agencies and the National Defense Authorization Act which funds the military.
Congress has two options: approve a bill for the rest of fiscal year 2025 or approve another temporary measure, which would mean the permanent solution is finalized when Republicans are in total control of Washington.
The next deadline is Jan. 1 when the nation hits the debt ceiling, which is the maximum amount of money it’s allowed to borrow without further approval.
The deadline was set in 2023 by the Fiscal Responsibility Act, a compromise between then-Speaker Kevin McCarthy, R-Calif., and President Biden.
The Treasury Department can use some fancy accounting to push the deadline back a couple of months, but eventually Congress will have to increase the amount of money the government is allowed to borrow because the country spends more than it brings in.
Congress also has to approve the farm bill, which only comes up about once every five years. The farm bill that was approved in 2018 is expiring.
This legislation has a tremendous impact on the nation’s food supply. It covers crop insurance, training for young farmers on sustainable practices and provides assistance for low-income families so they can buy healthier foods.
