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Posts Tagged ‘debt ceiling agreement’

Sequester Relief Likely Best Hope for Budget Committee, Reid Says

  • October 24, 2013
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The most ambitious result that can be expected from the House-Senate budget conference is an agreement to address automatic spending cuts, Senate Majority Leader Harry Reid (D-Nev.) said Thursday, discouraging hopes that a “grand bargain” deficit reduction deal that reforms entitlement programs and generates new tax revenue is possible. “There is not going to be a grand bargain,” said Reid …

Army to Reduce Headquarters Staffing by 25 Percent

  • October 23, 2013
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In an effort to find additional savings that can help maintain the service’s force structure, Army Secretary John McHugh has directed senior Army officials to pare headquarters staffs by 25 percent rather than the 20 percent cut Defense Secretary Chuck Hagel has called for. “The chief and I felt very strongly that headquarters reduction was a place that we could just do things more smartly and do it with fewer people,” said McHugh …

Services to Prepare Separate FY’15 Budgets

  • October 22, 2013
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In a nod to the strong likelihood that sequestration isn’t going away anytime soon, the military services and defense agencies are preparing separate fiscal 2015 budget proposals for Congress. One will assume the deep spending cuts remain, while the other will assume Congress somehow reaches a deal to reverse them, reported CQ …

No Shortage of Interest on Budget Conference in Replacing Defense Cuts

  • October 22, 2013
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Advocates for defense spending from both parties on the House-Senate budget conference will be striving to reach agreement on a mechanism to avoid slashing DOD’s fiscal 2014 budget $20 billion below last year’s level. The FY 2014 continuing resolution signed last week continues spending on defense programs at the FY 2013 figure of $518 billion, but the 2011 Budget Control Act caps such spending this year at $498 billion …

Reid Rejects Surrendering Entitlement Spending to Preserve Defense Programs

  • October 20, 2013
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Senate Majority Leader Harry Reid (D-Nev.) poured cold water on the much-talked-about formula of reversing one or more years’ worth of defense cuts in exchange for reductions in entitlement programs such as Social Security and Medicare. In the immediate aftermath of last week’s agreement to reopen the government and extend the nation’s debt ceiling, Reid insisted that any deficit reduction deal include a mix of entitlement reforms along with increased tax revenue …

Defense Industry Ramps up Campaign against Sequestration

  • October 17, 2013
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The nation’s largest defense companies are rallying to overturn the deep spending cuts triggered under sequestration through social media and outreach to state and local officials. A campaign the Aerospace Industries Association launched last year was unsuccessful, and this year’s effort will focus on “increasing engagement back home at the grass-roots level” as well as reaching federal lawmakers whose districts rely on the defense industry for jobs …

Skepticism Remains over Prospect for Deal Reversing Defense Cuts

  • October 17, 2013
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A number of Republican lawmakers would like to see deep spending cuts scheduled to hit DOD’s budget through fiscal 2021 eliminated or, at least, peeled back, but the prospects for the conference committee charged with hashing out an FY 2014 budget to reach an agreement to replace the sequester cuts with alternate savings still are highly uncertain. Republican lawmakers — including Sens. Lindsey Graham (S.C.), John McCain (Ariz.), Susan Collins (Maine) and Bob Corker (Tenn.) — trying to preserve defense spending point to changes in entitlement programs as the best formula to find the necessary savings …

Budget Conference Charged with Setting FY’14 Spending Level

  • October 16, 2013
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The deal to reopen the federal government approved by Congress Wednesday night still leaves unanswered questions regarding the topline for fiscal 2014 spending and whether Congress will pass individual spending bills or resort to another continuing resolution. The first order of business for the conference committee established under the deal ending the budget standoff will be setting the level of FY 2014 discretionary spending and allocations for individual spending bills that may or may not be enacted after the committee’s report is due Dec. 13 …

House, Senate Clear Measure Ending Government Shutdown, Extending Debt Ceiling

  • October 16, 2013
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The federal government is set to reopen today after both chambers of Congress Wednesday night approved a bipartisan deal crafted in the Senate, ending a weeks-long standoff triggered by the House’s decision to link approval of a fiscal 2014 continuing resolution to changes intended to unravel President Obama’s signature health care law. The Senate first passed the measure by an 81-18 margin, with the House later approving it by a 285-144 margin before sending it to the White House. President Obama has said he would sign the bill …

Hitting Debt Ceiling Could Slow Defense Contractor Payments

  • October 15, 2013
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Congress’ failure to raise the nation’s debt ceiling could result in a variety of impacts, including a delay in payments to service members, defense contractors and veterans. “For the defense industry itself, I think it would be a more extreme version of, first the sequester and then the government shutdown,” said Shai Akabas, a senior policy analyst with the Bipartisan Policy Center …

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