In January 2013 a series of automatic spending cuts, known as sequestration, are scheduled to take effect. It is estimated that programs serving children, youth, and families, including early childhood education, housing, child health, child welfare, and nutrition, would lose $6.4 billion in Federal fiscal year 2013 alone if these cuts are allowed to occur.
Congress has begun debating how best to avoid this "fiscal cliff,” as well as such issues as the expiration of the 2001 tax cuts and critical improvements adopted in the Earned Income Tax Credit and refundable Child Tax Credit for low-income working families. One of the major issues to be discussed is whether sequestration and the expiration of the tax cuts should be replaced by a more comprehensive deficit reduction bipartisan agreement, and if so, what would such a plan look like?
On November 20, GCYF hosted a webinar to discuss current activities and negotiations in Congress and what could happen if they fail to act and reach a consensus on a comprehensive budget and deficit reduction plan.
- Ellen Nissenbaum, Senior Vice President for Government Affairs, Center on Budget and Policy Priorities
- Joel Friedman, Vice President for Federal Fiscal Policy, Center on Budget and Policy Priorities
Webinar Materials and Resources:
Webinar Slides: Huge Fiscal Decisions Lie Ahead: The Key Policy Choices
Webinar Audio Recording
Congress has Cut Discretionary Funding by $1.5 Trillion Over Ten Years, Center on Budget and Policy Priorities
There are Worse Fates than Walking off the Fiscal Cliff, The Carlyle Group
For More Information:
Sequestration and the Budget Control Act, GCYF
Sequestration: What It Is and What You Can Do, GCYF