The House and Senate finally passed the FY 2013 Continuing Resolution which incorporated most of the sequester cuts ordered on March 1.
Only a few programs were amended to restore some of their original funding with a large majority of the across-the-board reductions being maintained. As detailed in my previous post, funding decreases to the National Endowment for the Arts remain at $7 million shaved off the $146 million annual budget.
The funding measure officially closes the books on the last fiscal year as Congress advanced separate budget resolutions for FY 2014. These resolutions are non-binding and do not require the signature of the president to pass, but they do provide instructions that will guide the appropriations process and inform the upcoming tax debates. They are to be taken seriously as the bills represent each party’s “vision” for fiscal policy.
The House version proposes deep cuts to discretionary spending, major changes to entitlements and tax reform that would dramatically lower marginal and corporate tax rates while balancing the budget in 10 years. Also, the House budget contains language for the third year in a row that takes aim at federal cultural funding: Read the rest of this entry »