Where’s My Money!
To sequester means to seize. So, what is being seized when it comes to budget sequestration? Money. Money that the U.S. Congress authorized to be spent is now being taken away from various federal agencies.
In fact, the U.S. Federal Government is facing quite a substantial sequestration, and one that pundits are predicting to be the largest in history (past, present, and future): $1.2 trillion in mandatory budget cuts.
Defense and non-defense/domestic programs are expected to share the brunt of the $1.2 trillion budget reduction equally. With more than $500 million on the line, the mil/aero community is, to say the least, concerned.
“The sequester was invented as part of the debt limit law last year and was meant to act as a punishment of sorts if the deficit supercommittee didn’t come up with a complete package to cut the deficit,” describes Politico. “Since the supercommittee failed, the sequester will now go into effect starting next year—slashing more than $500 billion from the military alone—which is why the defense industry, Pentagon advocates and military contractors around the country are lobbying so hard to stop it.”
The Office of Management and Budget (OMB) the Sequestration Transparency Act of 2012 (STA) (P.L. 112-155) reads: “In August 2011, bipartisan majorities in both the House and Senate voted for the threat of sequestration as a mechanism to force Congress to act on further deficit reduction. The specter of harmful across-the-board cuts to defense and nondefense programs was intended to drive both sides to compromise.”
Posted October 27th, 2012, by J VanDomelen
Congress, defense, Defense Budget, geek, mentor, Mentor Graphics, Mentor.com, mil-aero, milaero, military, Military Budget, million, Money, politico, sequestration, supercommittee, trillion, U.S. Federal Governement