Factbox: U.S. Congress aims to tackle debt limit, hurricane aid, fund government(Reuters) - Financial markets have fretted about the fiscal situation in Washington, with deadlines looming in late September and early October to keep the U.S. government open and raise the debt ceiling. As Congress returned on Tuesday, aiding those affected by Hurricane Harvey and responding to President Donald Trump’s decision to scrap a program shielding immigrants brought to the U.S. illegally as children from deportation added to their already-packed agenda. Here is what you need to know about fiscal and other politically connected issues in play this month: The “debt ceiling” is a legal cap on how much money the U.S. government can borrow through bonds and other debt issued by the U.S. Treasury. It now stands at about $19.8 trillion, very close to the actual national debt.  Once the ceiling is hit, Congress must raise it. If it does not, the government cannot keep borrowing. This matters because the government spends more than it collects in taxes and Washington continually borrows money to cover its bills. Legislation to raise the debt limit will need to be adopted by early October at the very latest. The Treasury, however, has said that Congress must increase the debt ceiling by Sept. 29. Since March, the Treasury has been using “extraordinary measures” to stave off hitting the ceiling and likely could be stave off default a few more weeks by using such extraordinary measures, analysts have said.  If the debt ceiling is not raised and the government can no longer pay its bills, default would result, along with a likely downgrade in the U.S. credit rating. This has never happened before, but there have been some close calls. A standoff in August 2011 cost the country its top-notch bond rating from the credit ratings agency Standard & Poor’s and caused the most jarring two weeks in financial markets since the 2007-2009 global financial crisis. Congress is supposed to pass annual spending bills around the end of the federal fiscal year on Sept. 30 to fund most of the U.S. government, but disagreements often prevent this. When that happens, lawmakers usually pass a temporary bill extending current spending levels with no changes for a short period. It is expected this will happen again at the end of this month, likely extending current funding levels into December. Congress returned from its long summer recess having only about 12 working days to pass a spending measure, probably a short-term patch, known as a continuing resolution, to keep the government open. If even a short-term patch cannot be agreed upon in Congress, or if the president decides to veto either a long-term or short-term spending measure, the government would shut down. The last time the government shut down was in October 2013 for about two weeks. In the 1990s, 1980s and 1970s, there were 17 shutdowns. Shutdowns hurt federal workers, rattle markets and shake confidence in the United States abroad, but they have done little lasting economic damage. The two move on separate tracks but could get tangled together as some analysts have said that Congress may try to tackle both issues at the same time, perhaps in a single piece of legislation. Passing an initial tranche of federal aid, expected to be about $8 billion, for individuals affected by Hurricane Harvey now tops the congressional agenda.  Senate Majority Leader Mitch McConnell said on Tuesday that raising the debt ceiling, keeping the government open and passing an assistance package for Harvey victims were three “critically important things” that Congress needed to get done quickly.  There has been some speculation that Harvey aid could be tied to a short-term continuing resolution or a measure raising the debt ceiling, or that all three could be linked in some way. Separate from Harvey assistance is the National Flood Insurance Program, operated by the Federal Emergency Management Agency, which expires on Sept. 30.  The program provides insurance policies for homeowners that cover up to $350,000 in damages. Congressional disagreements over changes to the program, which operates in debt to the Treasury, have complicated plans to restructure the program in the past. It is not yet clear how Harvey, which will generate additional claims made to the cash-strapped program, will affect the timing and scope of its renewal. Trump on Tuesday scrapped an Obama-era program known as Deferred Action for Childhood Arrivals, DACA, that protects from deportation those who were brought illegally to the U.S. when they were children.  Trump has delayed implementation of his decision for six months, saying it would give Congress time to figure out a legislative fix that would affect almost 800,000 young people who participate in the program, known as Dreamers. It is not yet clear whether Congress will work to quickly pass a measure affecting the Dreamers or pursue a larger-scale overhaul of the immigration system. The chances that the Republican-led Congress will continue making a priority of repealing and replacing former President Barack Obama’s signature healthcare law are slim after previous efforts ended in defeat. But important Obamacare-related deadlines loom. The Trump administration has been making Obamacare payments to insurers that reduce out-of-pocket costs for lower-income Americans on a month-to-month basis and must decide before the end of September whether to make October’s payment. If it does not, Congress could step in to approve the payments with additional legislation. Related to but not a part of Obamacare is the Children’s Health Insurance Program, CHIP, a federal insurance program for millions of lower-income children and pregnant women that requires congressional reauthorization by Sept. 30. CHIP reauthorization is not typically contentious as the program receives bipartisan support. But lobbyists and industry officials have said any healthcare-related legislation has become more complicated in the wake of the Obamacare repeal-and-replace failure. Trump kicked off the new legislative session’s tax reform effort on Tuesday by inviting key Republican leaders to the White House. An outline of the plan being developed could come as early as the week of Sept. 11. Senate Republicans want to use a special process known as budget reconciliation to pass tax reform, because then they would only have to find a simple majority of 51 senators to pass it instead of the 60 votes that typically required in the 100-seat Senate, where Republicans hold 52 seats.  But to use this process, Republicans will first have to pass a 2018 budget resolution, which they so far have been unable to do.  politicsNews
factor congress aims tackle debt limit hurricane aid fund government reuters financial markets created fiscal situation washington deadlines looming late september early october keep government open raise debt ceiling as congress returned tuesday aiding affected hurricane harvey responding president donald trump decision scrap program shielding immigrants brought illegally children deportation added agenda here need know fiscal politically connected issues play month the debt ceiling legal cap much money government borrow bonds debt issued treasury it stands trillion close actual national debt once ceiling hit congress must raise if government keep borrowing this matters government spends collects taxes washington continually borrows money cover bills legislation raise debt limit need adopted early october latest the treasury however said congress must increase debt ceiling since march treasury using extraordinary measures stave hitting ceiling likely could stave default weeks using extraordinary measures analysts said if debt ceiling raised government longer pay bills default would result along likely downgraded credit rating this never happened close calls a standoff august cost country bond rating credit ratings agency standard poor caused jarring two weeks financial markets since global financial crisis congress supposed pass annual spending bills around end federal fiscal year fund government disagreements often prevent when happens lawmakers usually pass temporary bill extending current spending levels changes short period it expected happen end month likely extending current funding levels december congress returned long summer recess working days pass spending measure probably patch known continuing resolution keep government open if even patch agreed upon congress president decides veto either spending measure government would shut the last time government shut october two weeks in shutdown shutdown hurt federal workers rattle markets shake confidence united states abroad done little lasting economic damage the two move separate tracks could get tangled together analysts said congress may try tackle issues time perhaps single piece legislation passing initial trance federal aid expected billion individuals affected hurricane harvey tops congressional agenda senate majority leader mitch mcconnell said tuesday raising debt ceiling keeping government open passing assistance package harvey victims three critically important things congress needed get done quickly there speculation harvey aid could tied continuing resolution measure raising debt ceiling three could linked way separate harvey assistance national flood insurance program operated federal emergency management agency expires the program provides insurance policies homeowners cover damages congressional disagreements changes program operates debt treasury complicated plans restructure program past it yet clear harvey generate additional claims made program affect timing scope renewal trump tuesday scrapped program known deferred action childhood arrivals data protects deportation brought illegally children trump delayed implementation decision six months saying would give congress time figure legislative fix would affect almost young people participate program known dreamer it yet clear whether congress work quickly pass measure affecting dreamer pursue overhaul immigration system the chances congress continue making priority repealing replacing former president barack obama signature healthcare law slim previous efforts ended defeat but important deadlines loom the trump administration making obamacare payments insurers reduce costs americans basis must decide end september whether make october payment if congress could step approve payments additional legislation related part obamacare children health insurance program chip federal insurance program millions children pregnant women requires congressional authorization chip authorization typically contentious program receives bipartisan support but lobbyists industry officials said legislation become complicated wake obamacare failure trump kicked new legislative session tax reform effort tuesday inviting key republican leaders white house an outline plan developed could come early week senate republicans want use special process known budget reconciliation pass tax reform would find simple majority senators pass instead votes typically required senate republicans hold seats but use process republicans first pass budget resolution far unable politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Factbox: U.S. Congress aims to tackle debt limit, hurricane aid, fund government(Reuters) - Financial markets have fretted about the fiscal situation in Washington, with deadlines looming in late September and early October to keep the U.S. government open and raise the debt ceiling. As Congress returned on Tuesday, aiding those affected by Hurricane Harvey and responding to President Donald Trump’s decision to scrap a program shielding immigrants brought to the U.S. illegally as children from deportation added to their already-packed agenda. Here is what you need to know about fiscal and other politically connected issues in play this month: The “debt ceiling” is a legal cap on how much money the U.S. government can borrow through bonds and other debt issued by the U.S. Treasury. It now stands at about $19.8 trillion, very close to the actual national debt.  Once the ceiling is hit, Congress must raise it. If it does not, the government cannot keep borrowing. This matters because the government spends more than it collects in taxes and Washington continually borrows money to cover its bills. Legislation to raise the debt limit will need to be adopted by early October at the very latest. The Treasury, however, has said that Congress must increase the debt ceiling by Sept. 29. Since March, the Treasury has been using “extraordinary measures” to stave off hitting the ceiling and likely could be stave off default a few more weeks by using such extraordinary measures, analysts have said.  If the debt ceiling is not raised and the government can no longer pay its bills, default would result, along with a likely downgrade in the U.S. credit rating. This has never happened before, but there have been some close calls. A standoff in August 2011 cost the country its top-notch bond rating from the credit ratings agency Standard & Poor’s and caused the most jarring two weeks in financial markets since the 2007-2009 global financial crisis. Congress is supposed to pass annual spending bills around the end of the federal fiscal year on Sept. 30 to fund most of the U.S. government, but disagreements often prevent this. When that happens, lawmakers usually pass a temporary bill extending current spending levels with no changes for a short period. It is expected this will happen again at the end of this month, likely extending current funding levels into December. Congress returned from its long summer recess having only about 12 working days to pass a spending measure, probably a short-term patch, known as a continuing resolution, to keep the government open. If even a short-term patch cannot be agreed upon in Congress, or if the president decides to veto either a long-term or short-term spending measure, the government would shut down. The last time the government shut down was in October 2013 for about two weeks. In the 1990s, 1980s and 1970s, there were 17 shutdowns. Shutdowns hurt federal workers, rattle markets and shake confidence in the United States abroad, but they have done little lasting economic damage. The two move on separate tracks but could get tangled together as some analysts have said that Congress may try to tackle both issues at the same time, perhaps in a single piece of legislation. Passing an initial tranche of federal aid, expected to be about $8 billion, for individuals affected by Hurricane Harvey now tops the congressional agenda.  Senate Majority Leader Mitch McConnell said on Tuesday that raising the debt ceiling, keeping the government open and passing an assistance package for Harvey victims were three “critically important things” that Congress needed to get done quickly.  There has been some speculation that Harvey aid could be tied to a short-term continuing resolution or a measure raising the debt ceiling, or that all three could be linked in some way. Separate from Harvey assistance is the National Flood Insurance Program, operated by the Federal Emergency Management Agency, which expires on Sept. 30.  The program provides insurance policies for homeowners that cover up to $350,000 in damages. Congressional disagreements over changes to the program, which operates in debt to the Treasury, have complicated plans to restructure the program in the past. It is not yet clear how Harvey, which will generate additional claims made to the cash-strapped program, will affect the timing and scope of its renewal. Trump on Tuesday scrapped an Obama-era program known as Deferred Action for Childhood Arrivals, DACA, that protects from deportation those who were brought illegally to the U.S. when they were children.  Trump has delayed implementation of his decision for six months, saying it would give Congress time to figure out a legislative fix that would affect almost 800,000 young people who participate in the program, known as Dreamers. It is not yet clear whether Congress will work to quickly pass a measure affecting the Dreamers or pursue a larger-scale overhaul of the immigration system. The chances that the Republican-led Congress will continue making a priority of repealing and replacing former President Barack Obama’s signature healthcare law are slim after previous efforts ended in defeat. But important Obamacare-related deadlines loom. The Trump administration has been making Obamacare payments to insurers that reduce out-of-pocket costs for lower-income Americans on a month-to-month basis and must decide before the end of September whether to make October’s payment. If it does not, Congress could step in to approve the payments with additional legislation. Related to but not a part of Obamacare is the Children’s Health Insurance Program, CHIP, a federal insurance program for millions of lower-income children and pregnant women that requires congressional reauthorization by Sept. 30. CHIP reauthorization is not typically contentious as the program receives bipartisan support. But lobbyists and industry officials have said any healthcare-related legislation has become more complicated in the wake of the Obamacare repeal-and-replace failure. Trump kicked off the new legislative session’s tax reform effort on Tuesday by inviting key Republican leaders to the White House. An outline of the plan being developed could come as early as the week of Sept. 11. Senate Republicans want to use a special process known as budget reconciliation to pass tax reform, because then they would only have to find a simple majority of 51 senators to pass it instead of the 60 votes that typically required in the 100-seat Senate, where Republicans hold 52 seats.  But to use this process, Republicans will first have to pass a 2018 budget resolution, which they so far have been unable to do.  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: factor congress aims tackle debt limit hurricane aid fund government reuters financial markets created fiscal situation washington deadlines looming late september early october keep government open raise debt ceiling as congress returned tuesday aiding affected hurricane harvey responding president donald trump decision scrap program shielding immigrants brought illegally children deportation added agenda here need know fiscal politically connected issues play month the debt ceiling legal cap much money government borrow bonds debt issued treasury it stands trillion close actual national debt once ceiling hit congress must raise if government keep borrowing this matters government spends collects taxes washington continually borrows money cover bills legislation raise debt limit need adopted early october latest the treasury however said congress must increase debt ceiling since march treasury using extraordinary measures stave hitting ceiling likely could stave default weeks using extraordinary measures analysts said if debt ceiling raised government longer pay bills default would result along likely downgraded credit rating this never happened close calls a standoff august cost country bond rating credit ratings agency standard poor caused jarring two weeks financial markets since global financial crisis congress supposed pass annual spending bills around end federal fiscal year fund government disagreements often prevent when happens lawmakers usually pass temporary bill extending current spending levels changes short period it expected happen end month likely extending current funding levels december congress returned long summer recess working days pass spending measure probably patch known continuing resolution keep government open if even patch agreed upon congress president decides veto either spending measure government would shut the last time government shut october two weeks in shutdown shutdown hurt federal workers rattle markets shake confidence united states abroad done little lasting economic damage the two move separate tracks could get tangled together analysts said congress may try tackle issues time perhaps single piece legislation passing initial trance federal aid expected billion individuals affected hurricane harvey tops congressional agenda senate majority leader mitch mcconnell said tuesday raising debt ceiling keeping government open passing assistance package harvey victims three critically important things congress needed get done quickly there speculation harvey aid could tied continuing resolution measure raising debt ceiling three could linked way separate harvey assistance national flood insurance program operated federal emergency management agency expires the program provides insurance policies homeowners cover damages congressional disagreements changes program operates debt treasury complicated plans restructure program past it yet clear harvey generate additional claims made program affect timing scope renewal trump tuesday scrapped program known deferred action childhood arrivals data protects deportation brought illegally children trump delayed implementation decision six months saying would give congress time figure legislative fix would affect almost young people participate program known dreamer it yet clear whether congress work quickly pass measure affecting dreamer pursue overhaul immigration system the chances congress continue making priority repealing replacing former president barack obama signature healthcare law slim previous efforts ended defeat but important deadlines loom the trump administration making obamacare payments insurers reduce costs americans basis must decide end september whether make october payment if congress could step approve payments additional legislation related part obamacare children health insurance program chip federal insurance program millions children pregnant women requires congressional authorization chip authorization typically contentious program receives bipartisan support but lobbyists industry officials said legislation become complicated wake obamacare failure trump kicked new legislative session tax reform effort tuesday inviting key republican leaders white house an outline plan developed could come early week senate republicans want use special process known budget reconciliation pass tax reform would find simple majority senators pass instead votes typically required senate republicans hold seats but use process republicans first pass budget resolution far unable politicsnews