February 8, 2013
March 1 ■ Government spending cuts
Automatic spending cuts are set to take effect. Half of the reductions would come from defense spending, and half from domestic programs, including a 2% annual reduction in Medicare funding.
March 27 ■ Expiration of government funding
A continuing resolution that authorizes spending by government agencies will expire. Without congressional action, the government would shut down.
April 15 ■ Budget deadline
The House and the Senate must pass budget blueprints that include tax and spending priorities.
May 19 – mid-July ■ Debt ceiling breached
Under legislation passed by Congress, the legal debt ceiling would be suspended until this date. The government could borrow money to meet its obligations as needed until then.