Saturday, March 2, 2013
President Obama signs the order for $85 billion in federal spending cuts to be unleashed across the board.
The federal government has enacted $85 billion in automatic spending cuts, known as the sequester, that will impact everything from the economy and education to the military and public health. With Congress unable to reach a last minute agreement to prevent the sequester, President Obama signed an order Friday night authorizing the cuts, reported the Chicago Sun-Times. In his weekly address, Obama said, "Because Republicans in Congress refused to compromise to close tax loopholes for the wealthiest Americans, hundreds of thousands of Americans will lose their jobs or see their paycheck reduced, and middle class families will be hurt," according to the White House. The president said the spending cuts will "cause a ripple effect across the …
Thursday, February 28, 2013
More than 4,200 federal employees who work in Lake County could potentially be affected by sequester, which is slated to start Friday.
Unless Congress reaches a last-minute agreement on the sequester by Friday, the huge budget cuts slated to kick in have the potential to affect more than 4,200 federal employees working in Lake County. Barring any kind of deal, the Obama administration will have to impose $85 billion in across-the-board spending cuts to military and domestic programs on Friday, according to The New York Times. Those cuts would be the start of $1 trillion in cuts over the next decade. The numbers in the graph above show the number of federal employees in Illinois by county in 2012, according to the latest figures from Eye on Washington, a DC-based lobbying firm that tracks federal employment. It compiles the data from the Office of Personnel Management, …
Monday, February 25, 2013
A series of automatic spending cuts called a sequester could be imposed by the federal government on March 1 unless Congress accepts new revenues stemming from higher taxes on the wealthy.
In a matter of days, $85 billion worth of across-the-board government spending cuts called a sequester could affect all 50 states. If imposed, the cuts would impact everything from education spending and national defense to public health and the economy, reported the Huffington Post. President Obama is pushing Congress to accept his deficit reduction plan, which includes new revenues and spending cuts. The plan would achieve $1.8 trillion in budget reductions stemming from about $1.1 trillion in spending cuts and $680 billion in new revenues from limiting deductions and closing tax loopholes for the wealtiest Americans, reported the Huffington Post. State impact The White House has released reports detailing how each state would be …
Sean G.
3:01 pm on Sunday, March 3, 2013
The sequester did exactly what it was designed to do, reduce federal spending. more ›