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Federal Budget Update

Source: Memo to Members, April 15, 2011 “On April 14, seven months into FY11, Congress brought the FY11 funding drama to a close by passing H.R. 1473, the Department of Defense and Full-Year Continuing Appropriations Act, 2011. The passage of this bill came one day prior to the April 15 expiration date of Congress’ seventh Continuing Resolution (CR). The cuts in this bill total nearly $40 billion. The President signed the bill on April 15 (Memo to Members, April 15).” Congress will be on Spring Recess from April 18 until April 29.  To see how these cuts affect housing programs, click here: http://nlihc.org/doc/Memo16-15.pdf.

More news on FY11 Budget:

Federal budget cuts will affect Windham County – Brattleboro Reformer Senator Leahy Speaks In Opposition To The 2011 Budget Bill – Senator Leahy Press Release Bernie Says ‘No Deal’ to Housing Cuts – The Bernie Buzz The House also voted on and passed the FY12 Ryan Budget plan, House’s Budget Blueprint Draws Up Party Lines (VPR News), without a single Democrat vote. It will move on to the Senate next and is not expected to pass. The debt ceiling debate is on the table next. The President, as well as the Vermont Delegation are in favor of raising the debt ceiling to avoid catastrophic economic disruptions: Obama: Raise debt ceiling or risk global recession – Burlington Free Press Welch leads Democrats in push for extension of debt limit – VTdigger & Welch’s request – Congressman Welch’s Office

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