- Created: Friday, 22 March 2013 14:48
Sequestration, automatic across-the-board cuts to federal defense and non-defense discretionary spending, was meant to be a disincentive for political gridlock. However, it apparently did not serve its intended purpose as federal lawmakers were not able to agree on a deficit reduction package by the March 1st deadline.
Though advocates hoped Congress would craft an alternative deficit reduction package when it recently took up the 2013 budget bill, on March 21, 2013, Congress passed a 2013 budget bill that reaffirms sequestration. Needless to say, this is bad news for housing and the impacts of sequestration are already being felt in Minnesota. A federal and state summary follows, along with a call for advocates to make their voices heard in light of the devastating cuts.