Friday, September 7, 2012

Politics: White House Will Miss Deadline To Report on the Fiscal Cliff

Link here.

Two data points:

  • The White House on Friday said it will miss the legal deadline for delivering a report to Congress on the spending cuts from sequestration that are scheduled to take effect in 2013.
  • The Office of Management and Budget has repeatedly failed to make legal deadlines. It delivered its presidential budget proposals and mid-session updates late both this year and last year.
Dog-bites-man story.
Under the terms of the Sequestration Transparency Act signed in August, President Obama was to tell Congress by Friday how the administration plans to implement the $109 billion in automatic cuts mandated by the Budget Control Act (the "fiscal cliff").
I had forgotten all about this (in fact, I don't know if I was even aware of this requirement). It will be interesting to see how the White House plans to implement $109 billion in budget cuts. My hunch: smoke and mirror projections, mostly involving the military (close out two wars; postpone the Long-Range Strike Bomber program; close GITMO).  

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