How Sequestration Would Work

How Sequestration Would Work

Estimating the Consequences of Sequestration on Agency Performance, Personnel, and the Employees of Federal Contractors

SOURCE: AP/Harry Hamburg

House Speaker John Boehner (R-OH) talks about debt-ceiling talks with the White House during a news conference on Capitol Hill in Washington on Friday, July 22, 2011. The Budget Control Act of 2011, which brought last year’s debt-ceiling crisis to an end, contains automatic, across-the-board budget cuts that would go into effect January 2, 2013.

By Scott Lilly | June 18, 2012

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Much has been written about the automatic, across-the-board budget cuts contained in the Budget Control Act of 2011, otherwise known as “sequestration,” but many critical questions remain regarding official interpretations of the legislation and how it will actually be implemented on an agency-by-agency basis. These include questions as to exactly which governmental spending accounts are or are not subject to sequestration, how deep the percentage reduction will be in the accounts that are subject to sequestration, how much latitude agencies have in selecting the specific expenditures that will be cut, and what the offsetting expenditures will be in implementing the proposed cuts.

It is nonetheless critical that policymakers begin to understand the possible implications of the legislation particularly with regard to critical governmental services that may impact the broader economy and public safety as well as the degree to which specific sectors of the economy will be impacted and the long-term implications for performing the missions assigned to government agencies in an efficient and cost-effective manner. To do so, however, requires considerable degree of subjective judgment at this point in time. This issue brief examines some of these judgments. Continue reading “How Sequestration Would Work”

Romney Vows to Deliver Country From Economic Travails

 New York Times

August 30, 2012

Romney Vows to Deliver Country From Economic Travails

By

TAMPA, Fla. — Mitt Romney accepted the Republican presidential nomination on Thursday by making a direct appeal to Americans who were captivated by President Obama’s hopeful promises of change, pledging that he could deliver what the president did not and move the country from its worst economic downturn since the Great Depression.

The speech by Mr. Romney, delivered on the closing night of the Republican convention, signaled an attempt to redefine the race around his business background, which Democrats have spent the summer attacking. He urged voters not to feel guilty about giving up on Mr. Obama, even if they were proud to support him as the nation’s first black president. Continue reading “Romney Vows to Deliver Country From Economic Travails”

The Federal Bailout That Saved Mitt Romney

 Rolling Stone

The Federal Bailout That Saved Mitt Romney

Government documents prove the candidate’s mythology is just that

by: Tim Dickinson

Mitt Romney
JEWEL SAMAD/AFP/GettyImages

Mitt Romney likes to say he won’t “apologize” for his success in business. But what he never says is “thank you” – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.

According to the candidate’s mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, campaign aides spun Romney as the wizard behind a “long-shot miracle,” bragging that he had “saved bank depositors all over the country $30 million when he saved Bain & Company.” Continue reading “The Federal Bailout That Saved Mitt Romney”

Ryan wows crowd, GOP leaders

By Molly K. Hooper and Erik Wasson – 08/30/12 09:20 AM ET

TAMPA, Fla. — House GOP leaders say Rep. Paul Ryan “hit it out of the state” in his maiden speech as the official vice presidential nominee.

The leadership team sat together in a sky box facing the stage, and House Speaker John Boehner (R-Ohio) told The Hill that “it was all good.”

Ryan is getting raves Thursday morning for a speech that lacerated President Obama while touting Mitt Romney’s candidacy. Romney will accept the GOP presidential nomination tonight.

Lawmakers sitting close to Boehner say the Speaker, who is known for choking up, became teary as he watched the wonky Ryan receive thunderous applause from delegates gathered in the Tampa Bay Times Forum. Continue reading “Ryan wows crowd, GOP leaders”

Republican platform: Cut 10% of workforce, privatize TSA

Republican platform: Cut 10% of workforce, privatize TSA

Aug. 29, 2012 – 11:07AM   |  By SEAN REILLY   |    Republican presidential candidate Mitt Romney waves as he arrives in Portsmouth, N.H., on Saturday. The GOP platform says the federal government should use attrition to reduce the payroll by at least 10 percent and adjust “pay scales and benefits to reflect those of the private sector.”
Republican presidential candidate Mitt Romney waves as he arrives in Portsmouth, N.H., on Saturday. The GOP platform says the federal government should use attrition to reduce the payroll by at least 10 percent and adjust “pay scales and benefits to reflect those of the private sector.” (Jewel Samad / AFP via Getty Images)

The Republican National Convention approved a party platform Tuesday that calls for cutting the federal workforce by at least 10 percent, overhauling federal pay and benefits, as well as privatizing airport screening and possibly some U.S. Postal Service operations.

Although the document acknowledges the dedication of federal employees, it says that the civil service has grown by at least 140,000 employees under the Obama administration, while the number making $150,000 or more has doubled. “At a time when the national debt has increased to over $15.9 trillion under the current administration, this is grossly irresponsible,” the platform continues. Instead, the government should use attrition to reduce the payroll by at least 10 percent and adjust “pay scales and benefits to reflect those of the private sector.” Continue reading “Republican platform: Cut 10% of workforce, privatize TSA”

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