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Coming down to the wire on budget

September 19, 2012
The Journal

Budget deficits have been hanging over this country for a long time. Back in 2011, when a federal government shutdown was looming if Congress didn't find a way to come to a budget agreement, the Budget Control Act of July 2011 provided an out. Republicans and Democrats agreed to continuing budget resolutions - to keep funding programs at their current pace - if a bipartisan panel could come up with a set of budget cuts, amounting to $1 trillion over the next decade. If not, automatic budget cuts, or sequestered cuts, would take place at the end of this year.



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