The webinar will explain the Budget Control Act of 2011 (BCA) and impending sequestration. It will also discuss why Congress’ upcoming decisions about the fiscal cliff and budget deficit are so important, including the funding outlook for housing and community development programs in 2013 and beyond.
The BCA requires the sequestering of discretionary funds beginning January 2, 2013. Sequestering funds means making across-the-board cuts to all discretionary programs; these cuts are estimated to be approximately 8.2% for HUD and USDA rural housing programs. The goal of the sequester is to achieve a $1.2 trillion reduction in the deficit over a 10-year period.
CBPP has also estimated the impact of these across-the-board cuts to select HUD programs for states.