Thursday, November 8, 2012

The definition of sequestration!


As the United States is brought closer to the edge of the fiscal cliff by the President and members of Congress, the term sequestration is commonly used along with it!

For anyone who is not sure what sequestration actually is in the context of the fiscal cliff or the financial future of the United States, here is the basic definition:

Sequestration: "...Simply put, it’s the formal term for mandatory cuts to federal programs – the process of cordoning off money that may have been authorized by Congress but is now prohibited from being spent. Literally, the money is being “sequestered” – taken away from the federal agencies affected.

The process has been used over the years in other budgets, but now the federal government may be one of the biggest sequestrations of all time: $1.2 trillion in mandatory cuts – half from the military, half from domestic programs. The sequester was invented as part of the debt limit law last year and was meant to act as a punishment of sorts if the deficit supercommittee didn’t come up with a complete package to cut the deficit.

Since the supercommittee failed, the sequester will now go into effect starting next year – slashing more than $500 billion from the military alone..."
 (Source)

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