While a short-term government funding bill signed last week keeps the federal government running through February 18th, there are other bills and deadlines looming for Congress before the end of the year.

Treasury Secretary Janet Yellen recently told lawmakers that she estimates the U.S. will reach its debt limit on December 15th, with Congress expected to strike a deal on how to lift or suspend the debt ceiling before the government would default for the first time ever. Senator Charles Grassley tells KCII his thoughts on the matter, “Well it would be wise if we acted to make sure the government continued to borrow money. Does it need to be done by December 15th? My suspicion is it’s just like every time this issue comes up for the last 20 years that there are certain things the Secretary of Treasury can do from other funds that are within government, to borrow from those funds to continue government operation until Congress decides to act on the issue.”

Grassley added that he read some private sector reports that Yellen could be able to continue the government functioning the way he described until February 15th. Yellen has stated she expects a default would lead to a recession and jeopardize the U.S. dollar’s role as the globe’s reserve currency. She has also mentioned that Congress would have needed to increase the spending limit regardless of what legislation Democrats passed this year. Raising or suspending the debt ceiling does not authorize new spending.