federal budget

The Treasury Department is issuing a warning of dire economic consequences that could rival the Great Recession if Congress is unable to agree on raising the debt ceiling and the nation defaults on its obligations.

(We most recently updated this post at 8:31 p.m. ET.)

We said it Tuesday: "No end in sight."

The story's the same a day later.

Pardon us for being repetitive, but there's no end in sight to the partial shutdown of the federal government.


Update: The federal shutdown has happened and it's affecting some Central Texans.

All three presidential libraries in the state are closed – including the LBJ Presidential Library in Austin. The San Antonio Missions and Big Bend National Park are also closed.

At Fort Hood, some civilian workers are now on furlough and many services on the post are either shut down or scaled back – including the commissary. Right now, the medical center at Fort Hood will be open at least through the rest of this week.

NASA employees – including those at the Johnson Space Center are also being affected.

Not even an hour after the House voted in favor of a bill that would avert a shutdown of the federal government, but also delay a key part of President Obama's Affordable Care Act, the Senate rejected it with a vote of 54-46.

With less than an hour before the government runs out of authority to spend money, the ball is now back in the court of Speaker John Boehner in the House.

(We updated the top of this post at 1:30 p.m. ET.)

Looking to head off deep, automatic spending cuts set to kick in on March 1, President Obama on Tuesday afternoon said that to avoid the negative economic effects that come with "political disfunction," Congress should move quickly to pass "a smaller package of spending cuts and tax reforms" that won't hurt the economy.

We Read The 2013 Budget So You Don't Have To

Feb 13, 2012

NPR reporters are analyzing the president's 2013 budget proposal. We'll be adding to this post as we get additional budget breakdowns. Check back for updates.