Continuing Resolution Signed by President
President Obama signed a continuing resolution (CR) funding the government until March 27, 2013 or exactly 1/2 of fiscal year 2013. The bill was signed on Friday, the 28th of September just in time for the start of the fiscal year on Monday, October 1st. The CR funds the government in accordance with the 2011 Budget Control Act which, for most agencies, is basically a 0.612 percent increase over the funding they received last year.
The main impacts of the CR are twofold, (1) The CR avoids a government shutdown which neither party wanted during an election year and (2) it delays substantive action on the budget until after the election. Please note the CR will not prevent sequestration, the dramatic budget cuts that are still scheduled to take effect in January of 2013. The CR does however, establish the baseline budget for the purposes of implementing the sequestration cuts. Most commentators believe there will be no more action on the budget or sequestration until after the election.
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