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2013 expertini limited, 29th floor, one canada square,canary wharf, london, e14 5dy, united kingdom comp no: 07923869 - vat no: 129766377 - tel: +44 (0) 207 193 1729
In the United States federal budget, the sequester or sequestration refers to across the board reductions to the planned increases in federal spending that have begun to take effect on March 1, 2013. The cuts were enacted by the Budget Control Act of 2011 and initially set to go into effect on January 1, but that date was moved to March 1 by the American Taxpayer Relief Act of 2012, enacted on January 2, 2013. Cuts of approximately $85.4 billion during fiscal year 2013 began to take effect on March 1, 2013. The Congressional Budget Office estimated that the sequester would reduce 2013 economic growth by about 0.6 percentage points (from 2.0% to 1.4%) and affect the creation or retention of about 750,000 jobs by year-end.
The cuts are split evenly (by dollar amounts) between the defense and non-defense categories. Some major programs like Social Security, Medicaid, federal pay (including military pay and pensions) and veterans' benefits are exempt. Medicare spending will be reduced by 2% per year versus the planned levels.
Over the 2013--2021 period, the sequester would reduce planned spending by $1.0 trillion with interest savings of approximately $170 billion, for a total of nearly $1.2 trillion in debt reduction or avoidance. The blunt nature of t......Read More detail
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