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If somebody guaranteed you $9 for every dollar you invested, would you take the deal? Most people would, but politicians who designed the sequestration process to save money may find it is also a costly exercise, Senior Correspondent Mike Causey says.
A report released by the White House to detail automatic budget cuts details reductions only down to the budget account level -- not to the more granular program, project and activity level and varies in the level of detail describing cuts to specific agency budgets.
With sequestration now in effect, the Defense Department says it will have to begin to make decisions that cross the threshold between "reversible" cuts to military capability and those that will have long-lasting impacts.
Now that you've been sequestered and set up for possible furloughs, what else could go wrong? A one-day-a-week furlough means a 20 percent pay cut for that week, Senior Correspondent Mike Causey explains. So what is the impact, if any, on your Thrift Savings Plan contributions and the matching contributions you get from your agency?
The chairman of the Oversight and Government Reform Committee wrote to 17 agencies requesting short-term ways to achieve savings instead of the across-the-board cuts expected to start today.
Small firms already have taken a disproportionate hit from DoD's pullback in 2013 spending, Pentagon officials say. Military acquisition leaders worry the sudden cuts will bankrupt small businesses that provide one-of-a-kind capabilities.
Steven VanRoekel, the federal CIO, said the PortfolioStat approach will help agencies manage through these tough budget times. He said agency technology investments could take a hit as the automatic spending cuts become real.
If there is a partial shutdown of government services, now or later, politicians will blame each other. But the big losers will be federal workers in IRS and Social Security offices, and TSA screeners at airports who are going to take the heat, Senior Correspondent Mike Causey says.
Sequestration is officially a reality for federal employees and agencies. President Barack Obama signed the sequestration order into effect Friday night. After more than 15 months, fierce debate and a delay at the beginning of the year, the $85 billion in automatic, across-the-board budget cuts are officially here. Find out what steps civilian agencies and the Pentagon are taking, including employee furloughs. Plus find out what comes next in terms of negotiations between the White House and Congress.
The Internal Revenue Service and the Social Security Administration — two of the largest federal agencies with very public missions — are taking divergent paths when it comes to dealing with the automatic, across-the-board budget cuts known as sequestration. IRS says it is planning for five to seven furloughs days, while SSA says it hopes to forego furloughs through alternative savings.
On this week's Bloomberg Government Capital Impact show, analysts will discuss sequestration and its impact on Congress. February 28, 2013
The administration issued new guidance late Wednesday detailing specific steps agencies should take as sequestration now is one-day away. Danny Werfel, OMB's controller, told agency leaders to place "increased scrutiny" around several personnel issues, including new hires, training, travel and conferences.
The automatic budget cuts set to occur under sequestration will go into effect as a matter of law on Friday. But their full impact won't be felt until late this spring, long after lawmakers encounter the next budget showdown.
Sequestration is the worst possible thing that could happen to you as a taxpayer and a federal worker or contractor, right? Wrong. Sequestration would take a big bite out of things but the coming crises over agency budgets could turn out to be much, much worse, Senior Correspondent Mike Causey says.