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Search Tags: budget
Tucked away inside the bipartisan budget deal announced with much fanfare this week is a proposal limiting the maximum level contractors can charge the government to pay the salaries of their top executives to nearly half of what it is currently. But it may not be the final word on the issue on the sticky issue of contractor compensation. the budget deal's proposed changes to taxpayer-funded contractor salaries are competing with another piece of bipartisan legislation currently before Congress. The annual Defense Authorization Act seeks to lower the compensation limit but by far less than the budget deal.
Congress went after federal workers and retirees with a meat ax. But instead the new budget agreement is more of a kick in the shins for feds who have yet to be hired, Senior Correspondent Mike Causey says.
On this week's Capital Impact show, Bloomberg Government analysts participate in a roundtable discussion of the budget deal, the Volker Rule, and Bitcoin.
December 12, 2013
Tags: acquisition , budget 2014 , Paul Ryan , Volker Rule , banking regulation , Bitcoin , Allen Scott , Melissa Avstreih , Nela Richardson , Chris Payne , Bloomberg Government , Congress , Capital Impact
Lawmakers in districts with large constituencies of federal employees are signaling their support for the bipartisan budget deal announced Tuesday even though it would require new federal workers to contribute a greater share of their paychecks to their retirement benefits. The alternatives -- another government shutdown or a second year of the steep across-the-board sequestration cuts -- would have been worse, they argue.
On this week's Your Turn radio show, host Mike Causey examines what's in the most recent budget deal that will impact feds.
If the proposed budget deal becomes law, new federal workers will see a total of 10.6 percent of their salaries automatically withheld from their paychecks to cover their retirement benefits. That could lead to them contributing less or not at all to their voluntary Thrift Savings Plan accounts, experts said.
Newly hired federal workers will be required to contribute more toward their pensions and some military retirees will see smaller cost-of-living adjustments under a budget deal announced by Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) Tuesday evening. The budget deal, which sets funding levels for the next two years, eases some of the bite of the automatic spending cuts, known as sequestration. The pact restores about $63 billion to agency spending through the end of fiscal 2015, split about evenly between Defense and civilian agencies.