Investors Hangout Stock Message Boards Logo
  • Mailbox
  • Favorites
  • Boards
    • The Hangout
    • NASDAQ
    • NYSE
    • OTC Markets
    • All Boards
  • Whats Hot!
    • Recent Activity
    • Most Viewed Boards
    • Most Viewed Posts
    • Most Posted
    • Most Followed
    • Top Boards
    • Newest Boards
    • Newest Members
  • Blog
    • Recent Blog Posts
    • Recently Updated
    • News
    • Stocks
    • Crypto
    • Investing
    • Business
    • Markets
    • Economy
    • Real Estate
    • Personal Finance
  • Market Movers
  • Interactive Charts
  • Login - Join Now FREE!
  1. Home ›
  2. Stock Message Boards ›
  3. User Boards ›
  4. Political Debate Board Message Board

A more accurate view: http://www.nytimes.com/20

Message Board Public Reply | Private Reply | Keep | Replies (1)                   Post New Msg
Edit Msg () | Previous | Next


Post# of 65629
(Total Views: 147)
Posted On: 02/12/2017 5:55:41 PM
Posted By: Bhawks
Re: HOT #32231
A more accurate view:

http://www.nytimes.com/2013/02/22/us/politics...ester.html

Quote:
Q. What is the origin of the sequester?

A. It emerged from the refusal of House Republicans to raise the debt ceiling in 2011 without significant deficit reduction. In response, the two parties agreed to the Budget Control Act, which cut domestic spending over the next 10 years by about $1 trillion. Democrats refused to agree to more cuts without additional revenue from taxes, and Republicans refused to agree to tax increases.

Instead, Congress set up a committee to find further deficit reduction. To push the committee to reach a deal, negotiators established a fallback mechanism meant to be so onerous it would never happen: $1.2 trillion in across-the-board, automatic cuts to both military and domestic programs, set to begin this year.
Continue reading the main story

Q. Why didn’t they take effect on Jan. 1?

A. The New Year’s Eve deal to head off automatic tax increases delayed the cuts for two months. The deal also reduced the size of the cuts by $24 billion, out of a total of $109 billion this year, with a combination of cuts and tax revenue measures.

Q. Why the word “sequester”?

A. In past decades, budget laws have periodically allowed the executive branch to make small across-the-board spending cuts to the levels initially appropriated by Congress. These cuts are known as “sequestration” because the government withdraws the money after Congress has released it.

The looming sequestration is much larger than previous ones, though. Over the full fiscal year — Oct. 1 to Sept. 30 — the cuts would equal roughly 5 percent of nonmilitary programs and 8 percent of defense programs. Because they would hit almost halfway through the fiscal year, the White House Office of Management and Budget estimates the true impact for the final seven months to be closer to 9 percent for nondefense programs and 13 percent for defense programs.

Q. Whose idea was it?

A. That is in dispute. Republicans say the White House came up with the idea. Democrats agree, to a point. But Democrats explain that the president proposed a mix of automatic tax increases and domestic cuts.

Republicans rejected that mix and said they would instead accept another idea they had traditionally opposed: military cuts. Regardless, the Budget Control Act, including the cuts, passed on a bipartisan vote that included almost all Republican leaders, and President Obama signed it.

Q. Can the federal departments and agencies choose which programs to cut, sparing those that officials consider vital?

A. No. Under the rules, the percentage cuts must apply to specific programs, projects and activities. Everything is subject to the same percentage cut. That spreads the pain, but it also prevents agency managers from focusing the cuts on programs that may be ineffective or inefficient — and protecting those that may affect public health and safety.



(0)
(0)








Investors Hangout

Home

Mailbox

Message Boards

Favorites

Whats Hot

Blog

Settings

Privacy Policy

Terms and Conditions

Disclaimer

Contact Us

Whats Hot

Recent Activity

Most Viewed Boards

Most Viewed Posts

Most Posted Boards

Most Followed

Top Boards

Newest Boards

Newest Members

Investors Hangout Message Boards

Welcome To Investors Hangout

Stock Message Boards

American Stock Exchange (AMEX)

NASDAQ Stock Exchange (NASDAQ)

New York Stock Exchange (NYSE)

Penny Stocks - (OTC)

User Boards

The Hangout

Private

Global Markets

Australian Securities Exchange (ASX)

Euronext Amsterdam (AMS)

Euronext Brussels (BRU)

Euronext Lisbon (LIS)

Euronext Paris (PAR)

Foreign Exchange (FOREX)

Hong Kong Stock Exchange (HKEX)

London Stock Exchange (LSE)

Milan Stock Exchange (MLSE)

New Zealand Exchange (NZX)

Singapore Stock Exchange (SGX)

Toronto Stock Exchange (TSX)

Contact Investors Hangout

Email Us

Follow Investors Hangout

Twitter

YouTube

Facebook

Market Data powered by QuoteMedia. Copyright © 2025. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges).
Analyst Ratings & Earnings by Zacks. RT=Real-Time, EOD=End of Day, PD=Previous Day. Terms of Use.

© 2025 Copyright Investors Hangout, LLC All Rights Reserved.

Privacy Policy |Do Not Sell My Information | Terms & Conditions | Disclaimer | Help | Contact Us