Military families everywhere are concerned about the effect of federal budget sequestration, approved in 2013. And rightfully so; sequestration of the military budget will have far-reaching affects on military life.
What is Sequestration?
Budget sequestration, also called the sequester, is a process of cutting the federal budget across departments and agencies.
Not exactly a program cut, a sequester is a process by which money for certain federal programs authorized by Congress are now cordoned off, prohibited from being spent. Literally, the money is being "sequestered" and thus taken away from the federal agencies. The result is the same: less or no money for certain federal programs. And it may be devastating for the military, across all branches.
Congress first included the threat of sequestration in the Budget Control Act of 2011 as a way to encourage compromise on deficit reduction efforts. When Congress couldn't agree on a budget by the deadline set in the Budget Control Act, mandatory budget cuts were scheduled to be sequestered January 2, 2013.
Congress temporarily halted the budget cuts by passing the American Taxpayer Relief Act on January 2, 2013, pushing cuts back until they started on track in March 1, 2013. Sequestration, with a total $85 billion in spending cuts, begins phasing-in early in 2014.
The road to military financial success is paved with a history of good credit. In today's economy, always paying your bills on time - paying more than the minimums due on your credit cards - presents a challenge, whether you're on military deployment or stationed at home.
Every American pays taxes. As a military servicemember, you are entitled to some unique tax benefits, advantages, timesavers and rebates - a service to you for your military service to our country.
In this section of Military Hub, we'll update you on the best ways to leverage today's changing American economy. Whether the economy represents a challenge or an opportunity, as military servicemembers, you can thrive.
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