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Tag Archives: fiscal cliff

CBO: Deficit to Go Up $4T Under Fiscal Cliff Tax Deal

Under current law as it stands, the Congressional Budget Office is estimating the tax deal passed by Congress to avert the fiscal cliff will add $3.9 trillion to the deficit over the next decade, The Hill newspaper reports. Peter Schroeder writes $3.6 trillion of that figure results from lower rates …

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House OKs Pay Freeze for Lawmakers, Federal Workers

The House voted late Monday to freeze the salaries of lawmakers and nearly 2 million federal government employees for the rest of fiscal year 2013, the Washington Post reports. Ed O’Keefe writes the bill, passed 287-to-129 as part of the fiscal cliff compromise, blocks a half-percent cost-of-living pay increase for …

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Panetta Memo: Furloughs Not Immediate Under Sequestration

Defense Department furloughs or other personnel actions related to sequestration would not immediately occur on Jan. 2, Defense Secretary Leon Panetta wrote in a memo to Pentagon personnel sent Thursday. Any scheduled personnel actions would be immediately cancelled if Congress reaches a deficit reduction agreement and the department’s full funding …

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Panetta: Fiscal Cliff Prevents Future Planning

Budget uncertainty surrounding the fiscal cliff keeps the Defense Department from being able to plan the country’s future defense strategy, Defense Secretary Leon Panetta said Tuesday. According to CBS News, Panetta told a National Press Club audience the department has had to deal with the headwinds of sequestration, which he …

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Rep. Capito: Fiscal Cliff Deal Can Still Happen

With the year-end deadline approaching for Republican and White House negotiators to reach a compromise on avoiding the fiscal cliff, a West Virginia lawmaker is still optimistic a deal can happen. National Journal reports Rep. Shelley Moore Capito (R-W.Va.) told a Politico-hosted event Tuesday she believes President Barack Obama will …

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OMB to Pentagon: Start Sequestration Planning

The Office of Management and Budget has directed the Defense Department to start planning for budget cuts under sequestration, American Forces Press Service reports. Pentagon Press Secretary George Little told reporters the Pentagon has begun to plan for the additional $500 billion cut, which would come on top of another …

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