Overview: Just in time for the holiday season: a truce in the ongoing budget battle between Republicans and Democrats. As we have noted, this battle began during the debate and passage of the Budget Control Act of 2011, which mandated $1.2 trillion in domestic and defense spending cuts from fiscal years (“FY”) 2012 through 2021, … Continue Reading
The March 1st sequester deadline has passed with no alternative in place. That means $85 billion in sequestration cuts are underway, as mandated by Congress in the Budget Control Act of 2011 (Public Law 112-240). Even though the cuts to defense and domestic discretionary spending have not fully taken effect, Congress and the White House … Continue Reading
As many inside the Beltway know, the Budget Control Act of 2011 imposes automatic and wide-reaching cuts if the U.S. government fails to reach an agreement on fiscal policy (commonly known as sequestration). Unless Congress acts, the President is required to order cuts of approximately $85 billion from the federal budget on March 1, 2013. … Continue Reading