2013 Budget Sequestration

If you have paid attention to news outlets, television, or the radio at all in the past few weeks, you have probably heard about the potential federal government budget sequestration. News has picked up steadily about potential across the board budget cuts that will take place if Congress fails to come to a deal by March 1, 2013.

For those of you who are interested in learning more about the sequestration, the following resources should give you a better understanding of the timeline and the potential effects.

Overview of Budget Sequestration

CNN Explains: Sequestration by Matt Smith (CNN)
When does sequestration start? by Darren Samuelsohn (Politico)
The sequester: A Q&A (CBS News)

Effects

Estimated Impact of Automatic Budget Enforcement Procedures Specified in the Budget Control Act – Highlights (Congressional Budget Office)
Estimated Impact of Automatic Budget Enforcement Procedures Specified in the Budget Control Act – Full Document (Congressional Budget Office)
Impact of March 1st Cuts on Middle Class Families, Jobs and Economic Security: Georgia (The White House)

The Laws

Budget Control Act of 2011, P.L. 112 – 25 (Government Printing Office) – This act created the Joint Select Committee on Deficit Reduction to produce deficit reduction legislation. The act also stipulated that if Congress failed to produce a deficit reduction bill with at least $1.2 trillion in cuts, then it would trigger across the board cuts as of January 2, 2013.
American Taxpayer Relief Act of 2012, P.L. 112-240 (Government Printing Office) – This act delayed the start of sequestration from January 2, 2013 to March 1, 2013.

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