In October 2015, Congressional leaders and President Barack Obama signed a bipartisan budget bill that increases spending limits and suspends the debt ceiling through March 2017. This means that Republicans and Democrats can stop using this a contingency tactic until after next year’s Presidential election. The agreement does two things; first, it establishes the federal spending through the 2016 and 2017 federal fiscal years and second, provides an additional $80 billion increase in spending, which will be split evenly between military and domestic programs. This will be funded by a mix of spending cuts and revenue increases. This leads to asking, how does this increase in spending and push out in debt pay-off relate to businesses and hiring?

This bipartisan budget is anticipated to create an influx of jobs and those with higher-salary bands. Researchers and analysts predict that in 2016, 340,000 jobs will be created and by 2017, a total of 500,000 jobs will be produced. This significant increase in jobs is projected to be due to increased certainty in government stability and less fear in a government shutdown and program cuts due to budget cuts. For the past two years, companies have been granted short term budgets as no long-term plan had been determined. Therefore, companies were not able or willing to hire new employees due to lack of surety if within six months their funding might be eliminated. Companies and businesses were not comfortable with expanding their workforces knowing forced mandatory cuts had previously and could again be implemented. This budget now takes away that fear and replaces it with the sense of confidence that companies will have the funding to grow.

While this is good for businesses as the revenue streams are flowing once again, it is also good for candidates. Candidates who are currently unemployed can anticipate hiring increases in the near future and those with positions but looking for career development or a new opportunity can explore the market more confidently instead of staying in a job just to ensure they are employed. It also allows for all employees regardless of their work status to feel more confident in their current role and the future of their company as they do not have to worry as much about positions being eliminated and significant staff cuts to fit the budge requirements. This bill not only directly effects the job industry today but long-term economic growth.