Will Detail Impact on Domestic Spending
The Administration’s report detailing how the automatic spending cuts, known as “sequestration,” would be implemented starting January 2013 is expected to be released this week. The Congressional Budget Office estimates that sequestration would cut $94 billion from discretionary spending, including $55 billion from defense and $16 billion from Medicare and other mandatory spending.
This is likely to include an 8.4 percent cut to all affordable housing and homelessness programs. The National Alliance to End Homelessness (NAEH) estimates that due to the scheduled cuts to HUD’s Homeless Assistance Grants, nearly 150,000 people would be homeless instead of being housed.