ABSTRACT

OMB Sequestration Update Report to the President and Congress for Fiscal Year 2013   [open pdf - 901KB]

"Enclosed please find the 'OMB Sequestration Update Report to the President and Congress for Fiscal Year 2013'. It has been prepared pursuant to section 254 of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. That Act, as amended by the Budget Control Act of 2011, includes two distinct types of sequestration. By far the largest and most immediate concern is the sequestration put into place by the failure of the Joint Select Committee on Deficit Reduction to achieve $1.2 trillion in deficit reduction. This sequestration (the 'Joint Committee sequester') can and should be avoided through a balanced package of deficit reduction. This report concerns a mechanism different from the Joint Committee sequester. The Budget Control Act put into place a set of discretionary spending caps. If the Congress spends more than these caps allow, a sequestration of discretionary spending ('discretionary sequester') is ordered. This report discusses whether, under the actions taken to date by each chamber of the Congress on discretionary spending bills, a discretionary sequester would occur. The report estimates that, if enacted, the actions to date by the House of Representatives would result in a sequestration of $6.6 billion in the current-law security category, while the actions by the Senate would result in a sequestration of $0.4 billion in the current-law nonsecurity category."

Publisher:
Date:
2012-08-20
Series:
Copyright:
Public Domain
Retrieved From:
United States Office of the White House: http://www.whitehouse.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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