Congress Gives Seniors a New 1040SR Tax Form

The new BBA authorizes the government to continue to spend money until March 23, and it increases spending authority for both defense and non-defense agencies. It also increases the federal government’s statutory debt limit through March 1, 2019, according to a summary provided by the White House.

The BBA does not give the federal government authority to spend money on a long-term basis. Congress will have to approve another spending bill to keep the government from shutting down on March 23.

Congressional leaders packaged the BBA legislation as an amendment to an amendment to H.R. 1892, a bill that updates the rules federal facilities must follow when they fly flags at half-staff.

A copy of the text of the BBA is available here.

Legislative Tugboat

Republicans and Democrats have had a hard time finding enough common ground to pass many ordinary bills with much significance in recent years. They have always passed whatever legislation was needed to keep the government running.

Because lawmakers know spending bills will get signed into law, they often attach many unrelated provisions to spending bills.

Members of Congress used the BBA legislation as a tugboat to pull a number of Medicare bills to the White House.

One Medicare-related provision could increase Medicare plan premiums for enrollees who have more than $500,000 per year in modified adjusted gross income.

Other Medicare provisions could lead to new Medicare Advantage telehealth benefits, and new Medicare wellness and condition management programs.

Still another major BBA provision will create a Joint Select Committee on Solvency of Multiemployer Pension Plans. The committee is supposed to give Congress a solvency reform proposal to vote on by January 2020.

— Read 5 Major Medicare Changes in the New Anti-Shutdown Bill on ThinkAdvisor.

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