October 1 was the first day of the new federal fiscal year. All of us wish you good health and prosperity in the year ahead. May your personal revenues exceed your outlays.
FYI…The start of the federal fiscal year was changed in 1974 from July 1 to October 1 when the Congressional Budget and Impoundment Control Act of 1974 was signed into law. The stated reason for the change was to make it more likely that all appropriations would be adopted by the start of the fiscal year. The idea was that the additional three months plus a detailed and strict timetable for actions would make that almost routine.
As this year’s dismal record of no appropriations enacted by October 1 proves yet again, this part of the Congressional Budget Act hasn’t quite worked out as planned. In fact, all appropriations have been signed, sealed and delivered by October 1 only 3 times in the 35 year history of the CBA and continuing resolutions are far more prevalent today than they have ever been.
[Cross-posted at Capital Gains and Games]
