About the Project
President Obama released his Fiscal Year 2015 budget on Tuesday. As we said in our earlier statement, the Bipartisan Policy Center believes that from a fiscal standpoint, this budget essentially constitutes a holding pattern.
On Tuesday, February 11, the House of Representatives passed a suspension of the debt limit through March 15, 2015, as an amendment to an unrelated Senate-passed bill (S. 540) to expedite Senate consideration. If S. 540 becomes law, upon reinstatement next year, BPC estimates that the new debt limit will be roughly $1 trillion higher.