Protracted Budget Disputes May Fail To Keep the Government's Lights On

It was a scant four months ago that the U.S. administration and legislators managed to avoid a financial crisis by agreeing to suspend the debt ceiling until January 2025. At the time, the limit was about to be breached, threatening a default on the nation’s obligations. The negotiation committed both sides to limit discretionary spending in the fiscal year beginning Oct. 1, to the prior year’s funding level. The immediate crisis was averted.