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You are here: Home / Government Contracting News / OMB says budget deal means no further sequester cuts in FY14

February 19, 2014 By AMK

OMB says budget deal means no further sequester cuts in FY14

Federal agencies will not face any additional sequester-related spending cuts for fiscal 2014 following passage of December’s bipartisan budget deal, the Office of Management and Budget confirmed in a report this month.

Under the deal, Congress agreed to partially roll back discretionary spending reductions previously mandated in 2011, leaving total defense spending—not counting funding for the Afghanistan war—at $520.5 billion and total spending on other programs at $491.8 billion this year. Lawmakers also reworked the caps for next year to keep overall discretionary spending at about the same benchmark; for 2015, the caps on security and non-security spending are $521.3 billion and $492.4 billion respectively, according to the OMB report.

Keep reading this article at: http://www.federaltimes.com/article/20140217/MGMT05/302170012/1001 

Filed Under: Government Contracting News Tagged With: budget, budget cuts, OMB, sequestration

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