Michael A. Needham 10:45 p.m. EST December 10, 2013
More spending and higher fees.
While imperfect, the sequester has proved to be an effective tool in reducing base discretionary spending. Nonetheless, conservatives have expressed a willingness to alter the budget caps established by the 2011 debt ceiling deal in exchange for immediate and substantive structural reforms that significantly reduce spending and address the real drivers of our debt.
Employees of the Internal Revenue Service and Customs and Border Protection may receive back pay for the recent shutdown period as early as Thursday, according to the agencies and their payroll processors.
A US Border Patrol agent stands near a crossing to Mexico at the San Ysidro port of entry. (Frederic J. Brown/AFP-Getty Images).
On the same day in March that Lockheed Martin warned that the sequester could lead to thousands of employee furloughs and layoffs, the nation’s largest federal contractor disclosed that it had just boosted the compensation of its former CEO by more than $2 million.
Former Lockheed CEO Robert Stevens, who retired as CEO on Jan. 1 but remains chairman, saw his overall compensation rise from $23.4 million in 2011 to $27.5 million in 2012, according to Securities and Exchange Commission (SEC) forms.
The disclosure shows how even with a looming sequester, budget standoffs and defense cutbacks, federal belt-tightening hasn’t yet hit the wallets of top executives for some of the nation’s biggest federal contractors.