OMB Releases Sequestration Estimates for 2014
The Office of Management and Budget released estimates on Fiscal Year 2014 budget reductions required by sequestration April 10 (here). The report estimates a 7.3 percent across-the-board cut for nondefense mandatory spending, higher than the 5 percent sequestration cut federal agencies are currently implementing. Defense mandatory spending will be cut 9.8 percent, the report estimates. CBP is estimated to face a $109 million cut from nondefense mandatory appropriations.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
In a separate report released April 9, OMB also issued its final sequestration report to Congress for FY2013, reporting newly adjusted discretionary spending caps (here). The report also determined the 2013 budget levels did not exceed discretionary authority, and therefore do not require an additional sequestration cut. That cut is triggered under budget appropriations law if discretionary spending rises above set spending caps.