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Search Tags: sequestration
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.
Many in government are worried about the threat of sequestration, the across-the-board budget cuts set to take effect in January unless Congress and the White come up with an alternative deficit-cutting plan. But federal employee groups and sympathetic lawmakers are also concerned about such alternatives -- if they contain changes to federal employee pay or compensation. Rep. Chris Van Hollen (D-Md.) and a slate of federal-employee unions and groups are warning of such proposals in the deficit talks to replace sequestration.
As planning begins for sequestration, the military may have to cut billions more than previously imagined. DoD, like all agencies, is waiting for instruction from the OMB on how to reduce their budget.
Feds have more than the usual year end issues on their plate at 2012 draws to a close, according to Senior Correspondent Mike Causey. There is the fast-approaching fiscal cliff, the dangers of sequestration, maybe a bonus pre-Christmas holiday and, of course, the end of the world. Check it out, if you dare.