The federal government could hit its borrowing limit again as early as March if Congress doesn't agree to raise it before then, Congressional Budget Office projections show. As part of last month's deal to reopen the government, Congress raised the debt limit through Feb. 7.
Federal agency budget officials say they would be a struggle to meet the Office of Management and Budget's guidance to propose a 10 percent from their fiscal 2015 budget submission, finds a Nov. 20 survey from the American Association for Budget and Program Analysis and Grant Thornton.
The House passed Nov. 19 the DATA Act (H.R. 2061), which requires federal agencies and departments to release more complete and higher-quality spending data. The bill also shifts oversight of federal spending transparency dashboard USASpending.gov from the Office of Management and Budget to the Treasury Department.
The Senate Veterans' Affairs Committee approved a package of bills Tuesday including one that would expand access to healthcare and dental care to veterans. One of the bills (S.1604) would require VA to provide services to certain veterans previously ineligible to receive care.
Federal workers and veterans benefits are set for a variety of cuts under several possible plans to reduce the deficit, a Nov. 13 Congressional Budget Analysis report shows. The CBO report (.pdf) says feds could be impacted by a range of cuts including reduced pensions and cost of living raises, stricter requirements for veteran disability benefits and capped pay increases for the military.
The Postal Service ended fiscal 2013 with a loss of $5 billion, down from a $16 billion loss in fiscal 2012, say USPS financials released Nov. 15. Still, that marks seven consecutive years that USPS incurred a loss, a Postal Service release on its financial statement (.pdf) says. The Post Office has lost money for seven consecutive years, the Postal Service acknowledges in a release on its financial statement (.pdf).
It can be difficult to connect sequestration to specific impacts at the Defense Department with so many other variables at play, the Government Accountability Office says. For the first half of fiscal 2013, before sequestration went into effect, DoD was operating under a continuing resolution, which already affected its budget authority and flexibility, the GAO notes in a Nov. 7 report.
The 16-day government shutdown in October cost the federal government about $2 billion in lost worker productivity, a Nov. 7 Office of Management and Budget. Federal employees were furloughed for a combined total of 6.6 million days, more than in any previous government shutdown. At its peak, about 850,000 individuals per day were furloughed, the report (.pdf) says.
Top military officers warned that sequestration would reduce manpower and cause higher U.S. casualty rates in a Nov. 7 Senate Armed Services Committee hearing. Through 2021, Defense Department sequestration cuts will total of $480 billion.
The shutdown cost the federal government about $2 billion in lost worker productivity, Office of Management and Budget Director Sylvia Burwell said in a Nov. 6 call to reporters.