Tagged: Fiscal Cliff

The US House passed a six-month short term spending measure last week which will keep the federal government running into next spring. Passed by a bipartisan vote of 329-91, the bill now makes its way to the Senate, which is expected to pass it through for the President’s signature next week. 

The White House Friday released a report detailing, in part, what life would look like on the other side of the fiscal cliff, which could occur at the end of the year.

Under orders from Congress, the administration detailed exactly how it would administer painful cuts to both defense and domestic programs that were ordered under last year's budget deal.

The White House provided its first assessment of what would happen if Congress fails to act and allows about $100 billion worth of automatic budget cuts to take effect on Jan. 2.

In its estimation (pdf), the White House's Office Of Management and Budget says this so-called "sequestration" would have a "devastating impact" on government programs including defense.