Posted by Emily Jarvis on September 26, 2012 at 2:30pm
Be honest. You have heard us all talking/worrying/complaining about the potential for sequestration since August of 2011, but do you actually know how it would work? I, for one, only had a loose understanding of the process.
Todd Harrison is a senior fellow at the Center for Strategic and Budgetary Assessments. He gave Chris Dorobek on the DorobekINSIDER a detailed breakdown of sequestration and its impact governmentwide.
First Off: A History Lesson
Back in July/August of 2011 when we were approaching the debt ceiling, Congress came together for some last minute negotiations to raise the debt ceiling. That agreement was called the Budget Control Act of 2011. The Act formed the Super Committee tasked with finding $1.2 trillion in deficit reductions. But, the Act also created a binding way to force the cuts in the case the Super Committee failed — that binding resolution was sequestration. Continue reading “Sequestration 101 — Do you actually know how it would work?”