ABSTRACT

OMB Report to the Congress on the Joint Committee Reductions for Fiscal Year 2015   [open pdf - 762KB]

"Enclosed please find the 'OMB Report to the Congress on the Joint Committee Reductions for Fiscal Year 2015'. The report has been prepared consistent with the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA), as amended. The report provides the Office of Management and Budget's (OMB) calculations of the amounts by which fiscal year (FY) 2015 direct spending is required by section 251A of BBEDCA to be reduced and a listing of the reductions required for each non-exempt budget account with direct spending. The report is required notwithstanding the Administration's FY 2015 Budget proposal to turn off these mandatory spending sequestration cuts for the remainder of the budget window and replace them with alternative balanced deficit reduction. These reductions are triggered by the failure of the Joint Select Committee on Deficit Reduction to propose, and the Congress to enact, comprehensive and responsible deficit reduction legislation to achieve the savings targets enacted in August 2011 as part of the Budget Control Act (BCA). The Administration has no discretion in the calculation and allocation of the reductions. Instead, the reductions have been calculated pursuant to the requirements specified in the BCA. In FY 2015, the law requires the sequestration of almost $18 billion in defense and nondefense direct spending. Specifically, OMB calculates that the sequestration of non-exempt direct spending requires reductions in FY 2015 of 2.0 percent to nonexempt Medicare spending, 7.3 percent to other non-exempt nondefense mandatory programs, and 9.5 percent to non-exempt defense mandatory programs."

Publisher:
Date:
2014-03-10
Copyright:
Public Domain
Retrieved From:
United Sates Office of the White House: http://www.whitehouse.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations