Wednesday, February 27, 2013
Sequester Spending Cuts
The sequester is a package of across-the-board, indiscriminate spending cuts that total $85 billion for the current fiscal year and $1.2 trillion over the next decade. The cuts are split evenly between the defense budget and non-defense discretionary spending, which includes many federal grants to state and local agencies. Mandatory programs, including Social Security and Medicaid, are spared.