Overview of Treasury debt limit, FAA reauthorization, and potential Trump administration appointments

Administration and agenda Debt limit. The debt limit will be reinstated after March 15, 2017, though Congress willlikely have additional time to either suspend or increase the limit. Extraordinary measuresthat can be undertaken by the Treasury Department should allow Treasury to continue meeting its financial obligations until at least midsummer of 2017, according to a September 13 posting by the Bipartisan Policy Center. When the debt limit is reinstated, the federal government’s accumulated debt will immediately equal the new ceiling, which is projected to be about $20.1 trillion. The optics of the figure surpassing $20 trillion could spur lawmakersto be even more adamant about demands for spending cuts in return for supporting an additional increase or suspension of the debt limit. FAA reauthorization. The Airport and Airway Trust Fund taxes expire after September 30, 2017, along with Federal Aviation Administration (FAA) spending authority, both of which were last extended in July. Privatization of the air traffic control system was a sticking point in negotiationsthis year. The FAA bill can be a vehicle for other tax legislation. Barack Obama Took office January 20, 2009 George W. Bush Took office January 20, 2001 > estate tax Bill Clinton Took office January 20, 1993 George H. W. Bush Took office January 20, 1989 Ronald Reagan Took office January 20, 1981 Personnel. The fact that Trump has not held political office and is not a traditional Republican puts a new spin on filling out his administration. Press reports have speculated about potential cabinet appointments. Trump has reportedly said that Goldman Sachs alumnus and campaign finance chairman Steven Mnuchin could bea possible nominee for Treasury secretary. Economic advisers that have represented Trump on the campaign include investor Wilbur Ross and economists Peter Navarro, Larry Kudlow, and Stephen Moore. New Jersey Gov. Chris Christie is in charge of Trump’s transition. Politicians who have supported and served as surrogates for Trump and could possibly be tapped for Cabinet posts include: former New York mayor Rudy Giuliani, former House Speaker Newt Gingrich, Senator Jeff Sessions (R-AL), Dr. Ben Carson, and former Alaska Governor Sarah Palin. Senate Foreign Relations Committee Chairman Bob Corker (R-TN) was reportedly under consideration for the vice presidential pick and could be tapped for a Cabinet post. American Recovery and Reinvestment Act of 2009 Enacted February 17, 2009 >» Stimuluslegislation, included bonus depreciation Economic Growth and Tax Relief Reconciliation Act of 2001 Enacted June 7, 2001 The “Bush tax cuts” reduced individual rates, repealed the Omnibus Budget Reconciliation Act of 1993 Enacted August 10, 1993 » Increased individual, corporate taxes Omnibus Budget Reconciliation Act of 1990 Enacted November 5, 1990 » Increased individual taxes despite “no new tax” pledge Economic Recovery Tax Act of 1981 Enacted August 13, 1981 >» Sharply reduced individual, corporate taxes 10 | Election 2016 HOUSE_OVERSIGHT_022382