Written by Nicole Porter
Last updated on January 02, 2013 @ 6:55PM
Created on January 02, 2013 @ 6:11PM
Although a late night vote averted the country from the fiscal cliff, there's still budget issues facing the nation in the coming months.
The debt ceiling is one problem. Federal borrowing already reached $16-trillion debt ceiling. The treasury department can create some headroom to cover some of the borrowing but it's difficult to do with the uncertainty about tax rates.
The sequester is also set to come up again within the next few months. This is the series of automatic cuts in federal spending that was created in 2011. The defense program's one of the biggest affected by this plan.
Also, there hasn't been a real budget made on time in years. The new fiscal year starts October 1.
Some of these topics have been talked about for months already.
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