The original “sequestration” – a series of automatic cuts imposed unilaterally across domestic and defense spending programs – was passed during the Reagan administration as an amendment to an earlier political battle over raising the debt ceiling more than $2 billion.
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White House, congressional leaders reach budget, debt ceiling deal The deal, which was being negotiated by Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi, was finalized Monday.
Congressional leaders reach a debt deal to avoid painful sequestration cuts. According to Time, the agreement sets spending levels for two years and removes scheduled automatic cuts in an attempt to avert another government shutdown. "The deal does little to resolve the much larger partisan divides on government spending, but if enacted,
It would represent the fifth two-year budget agreement since a 2011 budget and debt bill set the stage for much-reviled automatic cuts known as sequestration. Without an agreement, the automatic.
With mandatory defense cuts looming next year and new war costs mounting, Congress will almost certainly reach for. which military leaders say are necessary to keep the services ready to protect.
The other half of the problem is a set of punitive across-the-board spending cuts, looming only because partisan panel of politicians failed to reach a debt deal. Put together. Obama invited the.
The U.S. faces the possibility of another recession – the third in 11 years – if President Obama and Congress cannot find a way to avoid the so-called. Taylor, Andrew. “Hill leaders voice.
WASHINGTON (AP) – Top leaders of both parties in Congress made better-than-expected progress Tuesday on two must-do items on the legislative agenda: averting automatic budget cuts and meeting a.
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Top leaders of both parties in Congress made progress Tuesday on two must-do items on the legislative agenda: averting automatic budget cuts and meeting a deadline later this year to increase the.
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Driving the bipartisan talks is the desire to avoid automatic spending cuts that threaten to hit the Pentagon and other federal agencies with budget reductions averaging 10 percent. At the same time, increasing the debt limit is required to avert a first-ever, market-quaking default on government obligations like interest payments and Social.
Congressional budget leaders reached a debt deal, hoping to avoid billions of dollars in automatic spending cuts while getting the 2014 fiscal year kicked off without political gridlock over how.