US President Barack Obama has signed into effect a wave of steep spending cuts.The cuts - known as the sequester and drawn up two years ago - will take $85bn (£56bn) from the US federal budget this year.
The exact timeline of how the so-called sequester will unfold is still unclear.But here's what we know now-
Friday March 1,2013 -Sequester Takes Effect
The White House Budget office will issue an official sequestration order that cancels $85Billion in spending authority for the 7 months remaining in the Fiscal Year which ends on Sep 30,2013.It will also submit a report to Conress detailing the Levy of Cuts each Agency must make to its programs,projects and activities.
March 1 and beyond -Federal workers put on notice;grants and contracts curtailed
So far at least one agency -the National Labor Relations Board has already issued a formal 30-day furlough notice to employees
March 26 and on -Furlough takes effect
Federal workers subject to furloughs will start working fewer days.When furloughed,employees are prohibited from working for a set number of days for which they will not be paid.
March 27 -Funding for the Govt expires
Congress must pass a new bill setting funding levels for the rest of the fiscal year 2013 which ends on Sep 30
Friday, March 1 - Sequester goes into effect: The
White House budget office will issue an official sequestration order
that cancels $85 billion in spending authority for the seven months
remaining in the fiscal year. It will also submit a report to Congress
detailing the level of cuts each agency must make to its programs,
projects and activities.
March 1 and beyond - Federal workers put on notice; grants and contracts curtailed: So far at least one federal agency -- the National Labor Relations Board -- has already issued a formal 30-day furlough notice to employees. The Department of Justice says it plans to do so by Friday.
- See more at: http://money.cnn.com/2013/02/28/news/economy/spending-cuts/index.html#sthash.SbUTsSwy.dpuf
March 1 and beyond - Federal workers put on notice; grants and contracts curtailed: So far at least one federal agency -- the National Labor Relations Board -- has already issued a formal 30-day furlough notice to employees. The Department of Justice says it plans to do so by Friday.
- See more at: http://money.cnn.com/2013/02/28/news/economy/spending-cuts/index.html#sthash.SbUTsSwy.dpuf
The exact
timeline of how the so-called sequester will unfold is still unclear -
See more at:
http://money.cnn.com/2013/02/28/news/economy/spending-cuts/index.html#sthash.SbUTsSwy.dpuf
The exact
timeline of how the so-called sequester will unfold is still unclear -
See more at:
http://money.cnn.com/2013/02/28/news/economy/spending-cuts/index.html#sthash.SbUTsSwy.dpuf
The exact
timeline of how the so-called sequester will unfold is still unclear -
See more at:
http://money.cnn.com/2013/02/28/news/economy/spending-cuts/index.html#sthash.SbUTsSwy.dpuf
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