Next Big Fiscal Deadline Has Implications for All

WASHINGTON, D.C. – As the next big fiscal deadline draws near, members of Congress of both parties are testing the waters of public sentiment and considering options for the scheduled deep federal spending cuts known as "sequestration." The Office of Management and Budget (OMB) now calculates that sequestration will require an annual reduction of roughly 5 percent for nondefense discretionary government programs and roughly 8 percent for defense programs. Says OMB, "However, given that these cuts must be achieved over only seven months instead of 12, the effective percentage reductions will be approximately 9 percent for nondefense programs and 13 percent for defense programs." To read more, click here.