Ted Cruz: “The fiscal year of the federal government runs from October…”

“That's how the Constitution works, that Congress has to appropriate money in order for the executive to make an expenditure of taxpayer funds. And typically those appropriations are for a period of time. The fiscal year of the federal government runs from October 1 to September 30. So at midnight on September 30, the existing funding for the federal government will expire in order to Continue funding. Congress has to act now. The House has passed a continuing resolution.” (07:28–07:35)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.