Members of Congress will return to Washington, D.C. this week and begin negotiations on a series of fiscal deadlines needing to be resolved over the next two months. They include:

• Debt Limit: The federal government will be unable to pay its financial obligations starting sometime between mid-February and early March, unless Congress increases its borrowing limit. The U.S. reached its statutory borrowing authority limit of $16.4 trillion late last year.
• Sequestration: In addition to increasing the debt limit, Congress also will address sequestration -- $84 billion in automatic spending cuts -- to both defense and nondefense programs effective March 1, 2013.
• FY 2013 Funding: Congress also will need to resolve funding for government operations for the remainder of fiscal year 2013, as the Continuing Resolution expires March 27, 2013. Without an extension of the Continuing Resolution or passage of an Omnibus appropriations bill, there will be the potential for a government shutdown without funding to continue government operations for FY 13.