U.S. Economic Outlook
“Sequestration,” a legal procedure in which every federal agency has the same percentage of its budget taken back in order to cut deficit spending, was agreed to in the Budget Control Act of 2011 and scheduled to happen on March 1, 2013.
Douglas Elmendorf testified on the 2013 federal budget and economic outlook. He said that 750,000 jobs would be lost during the year if Cong… read more
Douglas Elmendorf testified on the 2013 federal budget and economic outlook. He said that 750,000 jobs would be lost during the year if Congress does not reach an agreement to avoid automatic spending cuts, also known as sequestration. Mr. Elmendorf also said that 2013 would see slow economic growth, and that any improvements would be offset by cuts to federal spending that Congress would be forced to enact.
“Sequestration,” a legal procedure in which every federal agency has the same percentage of its budget taken back in order to cut deficit spending, was agreed to in the Budget Control Act of 2011 and scheduled to happen on March 1, 2013. close
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