FY 2025
Fiscal Year (FY) 2025
White House Releases FY 2025 Budget Priorities for R&D
On August 17, the White House released a memorandum outlining the Administration’s priorities for research and development (R&D) for the fiscal year (FY) 2025 budget cycle. This memorandum, which is traditionally released annually by the Office of Management and Budget (OMB) and Office of Science and Technology Policy (OSTP), aims to set cross-cutting priorities for all federal research agencies to consider as they develop their budget submissions. The FY 2025 memorandum lists seven such priorities for agencies to consider: While the priorities listed are similar to those in the White House R&D memorandum for FY 2024, there is notably more…
Debt Ceiling Deal Caps Funding for Two Years, House Seeks Additional Cuts
As previously reported, the White House and House Republican leadership agreed to a budget deal late last month that would keep the U.S. from defaulting on its debt, at least until after the 2024 elections. The agreement, passed by Congress as the Fiscal Responsibility Act of 2023 (H.R. 3746), suspends the federal debt ceiling until January 2025. However, as Republicans have been demanding, the suspension comes with stiff caps on discretionary spending for the next two years. In effect, the caps are likely to result in flat funding for federal research agencies in fiscal year (FY) 2024, with perhaps a few exceptions for…
Debt Limit Deal Struck, Spending Caps Likely for FY 2024-25
Over the Memorial Day weekend, the White House and House Republican leadership agreed to a budget deal that would keep the U.S. from defaulting on its debt, at least until after the 2024 elections. The agreement would suspend the U.S. debt limit until January 2025. However, as Republicans have been demanding, the suspension would come with limits—as well as some cuts—to discretionary spending over the next two years. Should it make it through the House and Senate, the deal would set caps on discretionary spending at levels roughly 5 percent or $40 billion below current levels. However, by reclaiming unobligated…