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House To See Sequester Replacement Act This Week

Site: nysenate.gov

The House is scheduled to vote on a bill later this week that would de-trigger sequestration and control potential across-the-board cuts, Federal News Radio reports.

House Budget Committee Chairman Paul Ryan (R-Wisc.) introduced the Sequester Replacement Act of 2012 last week, which would require federal employees to pay more for retirement benefits.

The measure passed on a 21-9 vote and would remove the threat of sequestration required by the Budget Control Act.

Ryan’s bill would yield $300 billion in alternate cuts.

The alternate House bill would cut the deficit by $83 billion over ten years and gradually increase federal pension contributions by five percent over five years, the report said.

The plan would also eliminate new hires from receiving supplementary payments if they retire before they are eligible for Social Security.

Other House panels had suggestions, including the Agriculture Committee’s proposal to cut food stamps by $38.5 billion through more strict eligibility guidelines.

Financial Services wanted to repeal the 2010 Dodd-Frank financial reform law to save up to $30 billion.

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