$969 BILLION in continuing resolutions to expire – still no budget
The government is running on a series of continuing resolutions. How big a deal is this? Potentially, it’s a very big deal.
By Bruce Kasting
The CBO sent a memo to the House and the Senate. It was reminder of all of the stopgap measures that are in place. The government is running on a series of continuing resolutions. How big a deal is this? Potentially, it’s a very big deal. The amount involved is $969B!
There are two lists. This first one looks at the spending for which the necessary enabling legislation has already expired:
This one is for those expenditures whose authorizations expire on or before September 30 of this year:
You might rightly ask, “What’s that big chunk of money being spent on?” The biggest chunk is the military (68%). Even with partisan politics and an election year, the military will likely get its money without much of a fight. The CBO report spells out where the rest of the dough is being spent. (It runs 100 pages.) Some snippets:
General Admininstration
Unauthorized FY 2012 Appropriations: 11,519,966,000
United States Marshals service
Unauthorized FY 2012 Appropriations: 11,806,793,000
National Institutes of Health
Unauthorized FY 2012 Appropriations: 30,689,990,000
Western Hemisphere Drug Elimination
Unauthorized FY 2012 Appropriations: 1,061,000,000
Operations of the Peace Corps
Unauthorized FY 2012 Appropriations: 375,000,000
Migration and refugee assistance
Unauthorized FY 2012 Appropriations: 1,639,000,000
Department of State diplomatic and consular programs
Unauthorized FY 2012 Appropriations: 8,275,386,000
Section 8 tenant-based housing assistance
Unauthorized FY 2012 Appropriations: 18,914,369,000
Low-income home energy assistance
Unauthorized FY 2012 Appropriations: 3,478,246,000
Noxious Weed Control and Eradication
Unauthorized FY 2012 Appropriations: Not Available
Brown Tree Snake Control and Eradication
Unauthorized FY 2012 Appropriations: Not Available
Assistance to trafficking victims in the United States
Unauthorized FY 2012 Appropriations: 9,794,000
Administration on Aging programs
Unauthorized FY 2012 Appropriations: 1,473,703,000
Bureau of Labor Statistics
Unauthorized FY 2012 Appropriations: 610,224,000
National Endowment for the Arts
Unauthorized FY 2012 Appropriations: 292,510,000
Pandemic and All-Hazards Preparedness Act
Unauthorized FY 2012 Appropriations: 62,700,000
Project Bioshield
FY 2012 Appropriations: Not Available
Strategic Petroleum Reserve
FY 2012 Appropriations: 192,704,000
National Highway Traffic Safety Administration
FY 2012 Appropriations Authorized 24,693,000,000
Federal Trade Commission operations:
Unauthorized FY 2012 Appropriations: 311,563,000
Centers for Disease Control programs regarding infertility and sexually transmitted diseases
Unauthorized FY 2012 Appropriations: 964,855,000
Corporation for Public Broadcasting
Unauthorized FY 2012 Appropriations: 445,000,000
Administrative expenses for Government National Mortgage Association guarantees of mortgage-backed securities
Unauthorized FY 2012 Appropriations: 19,500,000
Funds appropriated to the President for international assistance.
Unauthorized FY 2012 Appropriations: 16,462,253,000
Secretary of Health and Human Services refugee and entrant assistance programs
Unauthorized FY 2012 Appropriations: 769,789,000
Pacific Salmon Treaty
Unauthorized FY 2012 Appropriations: 123,566,000
Nutria Eradication and Control Act
Unauthorized FY 2012 Appropriations: Not Available
Bureau of Land Management
Unauthorized FY 2012 Appropriations: 973,552,000
Paperwork Reduction Act of 1995
Unauthorized FY 2012 Appropriations: Not Available
Renewable energy research and development
Unauthorized FY 2012 Appropriations: 963,000,000
Appropriations for the Coast Guard
(1) Operation and maintenance
Unauthorized FY 2012 Appropriations: 7,051,054,000
(2) Acquisition, construction, rebuilding, and improvement Unauthorized FY 2012 Appropriations: 1,403,924,000
(3) Retired Pay
Unauthorized FY 2012 Appropriations: 1,400,700,000
Specialty crop research initiative
FY 2012 Appropriations Authorized 100,000,000
Food animal residue avoidance database program
FY 2012 Appropriations Authorized 2,500,000
National Sheep Industry Improvement Center
FY 2012 Appropriations Authorized 10,000,000
Block grants for energy efficiency
FY 2012 Appropriations Authorized 2,000,000,000
Central Intelligence Agency Retirement and Disability Fund
FY 2012 Appropriations Authorized 514,000,000
Have a look at the report. There are hundreds of line items for expenses. Something for everyone to hate.
- Bruce Krasting
- Westchester, NY, United States
- I worked on Wall Street for twenty five years. This blog is my take on the financial issues of the day. I was an FX trader during the early days of the ‘snake’ and the EMS. Derivatives on currencies were new then. I was part of that. That was with Citi. Later I worked for Drexel and got to understand a bit about balance sheet structure and corporate bonds from Mike Milken. I was involved with a Macro hedge fund later. That worked out all right, but it is not an easy road. There was one tough week and I thought, “Maybe I should do something else for a year or two.” That was fifteen years ago. I love the markets. How they weave together. For twenty five years I woke up thinking, “What am I going to do today to make some money in the market”. I don’t do that any longer. But I miss it.
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