On Saturday, December 21, 2024, President Biden signed a continuing resolution (CR), passed by the House and Senate the day before, that funds the Federal government at its current levels until March. This CR came on the heels of calls from President-elect Trump regarding the debt limit, throwing negotiations into disarray at the eleventh hour. The CR that passed provides financial aid for farmers and delivers $110B in disaster relief after this fall’s devastating falls.
The CR pushes FY 25 budget negotiations to March 2025, delaying the budget process even further past the FY 25 start date of October 1, 2024. The CR maintains current funding levels for programs even though the cost of housing and homelessness programs rises every year. Both Senate and House spending proposals for FY 25 were released earlier this year, with the House bill proposing an overall cut to HUD Programs of $2.3B (3% of funding provided in FY24) and the Senate bill providing an increase of $8.2B (or more than 10% over FY24 levels). With the new continuing resolution and Congress’s new political makeup, negotiations will likely be complicated.
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