September 24, 2012
The White House Office of Management and Budget (OMB) issued a report earlier this month detailing potential federal cuts of approximately $109 billion that would be triggered if Congress fails to act on a plan to reduce the deficit by $1.2 trillion in accordance with the Budget Control Act of 2011. Also referred to as “sequestration,” the act would impose a 9.4 percent reduction in non-exempt discretionary funding and an 8.2 percent reduction in non-exempt, nondefense discretionary funding.