House Budget Chairman Paul Ryan (R-Wis.) and Senate Budget Chairwoman Patty Murray (D-Wash.) last night unveiled their much-anticipated budget agreement in time for the House and Senate to act prior to the December recess.
Tag Archive: sequestration
On Friday,Erskine Bowles and Alan Simpson, former chairmen of President Barack Obama’s 2010 National Commission on Fiscal Responsibility and Reform, and Co-Founders of the Campaign to Fix the Debt, released a new deficit reduction plan in the hopes of reviving a debt grand bargain this year. The chairmen released an updated framework for deficit reduction in February but have now fleshed out a more detailed plan that they say would save $2.5 trillion over the next decade—or a total of $5.19 trillion when added to $2.7 trillion in deficit reduction already enacted over the past few years.
Last week, both the House and the Senate passed their FY 2014 budget resolutions which are significantly different, and neither of which is expected to win approval in the other chamber, leaving agreement on a broader budget package up to leadership negotiations.
On Feb. 5, President Obama called on Congress to approve a “package of spending cuts and tax reforms” that would...
Congress finally passed legislation to try and stem the damage from the so-called fiscal cliff, including several key tax provisions, however the conversation is far from over regarding sequestration and the deficit.
Lawmakers returned to work this week on a host of issues. First up will be leadership elections and other non-tax issues, with action on the fiscal cliff and sequestration likely on hold until after the Thanksgiving break.
The Office of Management and Budget last week released a report to Congress detailing the expected impacts of sequestration on the federal budget which outlines what programs and agencies will likely be cut and by how much.