The debt limit (or debt ceiling) is the total amount of outstanding debt that the US Department of the Treasury can incur. Earlier this year, Treasury Secretary Janet Yellen notified Congress that the federal government’s outstanding debt was projected to have reached the statutory limit, requiring the Department to use “extraordinary measures” until lawmakers ultimately passed the Fiscal Responsibility Act of 2023 earlier this summer.
The bipartisan agreement suspended the debt limit until January 1, 2025. But well before then, provisions of the bill – as well as political reactions to the dealmaking process – will have profound legislative ramifications. This course will provide a primer on the congressional budget and appropriations process, a history of congressional action and options to address the debt ceiling in the future, a discussion of the debt ceiling package, and an analysis of how the Fiscal Responsibility Act of 2023 could affect policymaking, including the potential for significant harm to the economy if failure to reach consensus leads to the government being shut down later this year.
This course is co-sponsored with myLawCLE.
Key topics to be discussed:
Federal budget and appropriations cycle
Origins of the debt ceiling and options for addressing it
Negotiations over, and the effect of, the Fiscal Responsibility Act of 2023
Legislative ramifications for the economy in late 2023 and into 2024
Date / Time: August 9, 2023
Beth L. Goldstein | Squire Patton Boggs
Beth navigates the full scope of domestic legislation and regulatory developments for clients, including multiple iterations of health reform and omnibus food and agriculture bills. She also advocates in the appropriations arena, with a track record of success in securing increased federal funding for government programs and community projects. Her work on issue awareness campaigns has been featured in Capitol Hill publications and national news outlets. Over the past several years, Beth has assisted clients in need of government support to ensure the maintenance of their operations through the COVID-19 pandemic.
Prior to joining the firm, Beth served on the legislative staff of a committee in the US House of Representatives, where she assisted the chairman in shepherding legislation through all stages of the legislative process, including a presidential veto override. Beth worked with outside stakeholders and across chambers to build strategic coalitions and advance the chairman’s agenda. Her responsibilities included policy development, legislative drafting, speechwriting and advising the chairman and committee members on policy issues.
During law school, Beth expanded her legislative experience by serving as a law clerk to another congressional committee focusing on oversight and investigations. She was also a senior staff member on The Tax Lawyer and a law fellow for the legal research and writing curriculum.
Beth gained a global perspective on healthcare issues through her graduate studies. Her coursework focused on social policy innovations, aging and long-term care, health financing and comparative international health policy. Her dissertation discussed the history of American healthcare legislation, with a particular emphasis on the procedural and political obstacles the Democratic Party has faced when attempting large-scale health reform.
Jeffrey L. Turner | Squire Patton Boggs
Collaborating with colleagues in the Public Policy Practice Group, which he led for many years, he and his teams help block harmful legislation and regulations, encourage Congress and regulatory agencies to adopt favorable legislation and regulations and navigate the challenges of congressional investigations.
Jeff focuses much of his practice on public policy issues related to privacy, tax and trade, and energy policy, as well as sanctions policies that principally target international energy companies. Jeff has led teams on “bet-the-company” projects, including ones in which Congress will have a major role in the outcome.
I. Federal budget and appropriations cycle | 2:00pm – 2:15pm
II. Origins of the debt ceiling and options for addressing it | 2:15pm – 2:30pm
III. Negotiations over, and the effect of, the Fiscal Responsibility Act of 2023 | 2:30pm – 2:45pm
IV. Legislative ramifications for the economy in late 2023 and into 2024 | 2:45pm – 3:00pm