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Search Tags: Sequestration
Averting sequestration sits atop the to-do as Congress returns Tuesday from a seven-week election break to a long list of unfinished business.
The White House and leaders on the Hill will have to resolve deep political and fiscal disagreements that have stymied them time after time despite repeated promises to overcome them.
Sen. Mark Warner (D-Va.) told The Federal Drive with Tom Temin and Emily Kopp that a large number of lawmakers from both parties support a plan that raises more revenues and recognizes that entitlement programs have got to be made viable over the long term.
There's a little more than a month to go until sequestration kicks in, taking more than a $1 trillion from agency budgets over 10 years unless Congress finds a way to agree on a Plan B for deficit reduction. In this week's edition of On DoD, Jared Serbu, Federal News Radio's DoD reporter, talks with several defense experts about sequestration and the Defense budget in a second term under President Obama:
President Barack Obama and leaders of the lame-duck Congress may be just weeks away from shaking hands on a deal to avert the dreaded "fiscal cliff." So it's natural to wonder: If they announce a bipartisan package promising to curb mushrooming federal deficits, will it be real?
This past summer, defense experts gathered into teams to map out how to cut DoD's budget by a half trillion dollars over 10 years. The results from the game provide some guidance on ways to make the cut happen in real life based on strategic choices, the organizers say.
The Defense Department says it has begun planning for the roughly $500 billion in personnel and program cuts that will be needed if Congress and the White House fail to reach an deal that would avoid the double hit of tax hikes and automatic spending cuts dubbed the fiscal cliff.
The dealmakers who warn that a year-end plunge off the "fiscal cliff" would be disastrous don't seem to be rushing to stop it. Why aren't they panicking?
Sens. Mark Warner and Bob Corker and Rep. Chris Van Hollen all believe there is at better than a 50 percent chance Congress and the White House will agree on a budget reduction plan before Jan. 1. But federal pay and benefits, and contract spending remain on the table to be part of the cuts.