Report on automatic spending cuts released

On Friday, September 14, The Obama administration released its highly anticipated report to Congress detailing spending cuts that will be required if Congress fails to reach a deficit reduction deal by the end of the year. The automatic across-the-board cuts, known as sequestration, resulted from last summer’s Budget Control Act and will total about $1.2 trillion between 2013 and 2021. The report includes information on more than 1,200 budget accounts, breaking down what is exempt from sequestration and what’s not. Sequestration is estimated to result in an 8.2% decrease in non-defense, non-exempt discretionary funding. Although the report provided additional information about the effects of the sequester, it did not fully explain how the cuts would affect many federal programs.
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