|Default Averted, But Budget Outlook Still Uncertain|
Early on Thursday, October 17, President Obama signed legislation that reopened the federal government; funds the government through January 15, 2014; and lifts the federal debt ceiling until February 7, 2014. A budget conference committee has been named and tasked with crafting a long-term spending plan by December 13, 2013.
Agencies Issue Guidance on Treatment of Same-Sex MarriagesFollowing the U.S. Supreme Court decision overturning a key section of the Defense of Marriage Act, the Internal Revenue Service and the Department of Labor have issued guidance on their interpretations and the impact for employers, pension plan administrators, and individuals.
Report Examines Economic Impact of Municipal BondsAccording to a new study, the United States would lose 105,000 jobs, $5.5 billion of labor income, and $8.3 billion in GDP annually if Congress limited the tax exemption to 28 percent for municipal bonds that finance health, educational, and other charitable projects.
New Facts Counter Environmental Myths A broad spectrum of people now believe climate change has begun, according to studies compiled in a new report from ecoAmerica.
Task Forces Will Help GASB Research Leasing and Fiduciary ResponsibilityThe Governmental Accounting Standards Board has formed two separate task forces as part of their research efforts to address possible new accounting requirements. Both the Leasing and Fiduciary committees will have higher education representation.
New Report Examines Borrowing and Ability to Repay Student LoansApproximately two thirds of students borrow to fund their undergraduate education, according to a new report released by the National Center for Education Statistics.
Single Audit Due Date ExtendedThe Office of Management and Budget has further extended the due date for 2013 single audit reporting packages to December 31.