Tags: US | Budget | Battle | Glance

Details: A Look at the Congressional Budget Agreement

Tuesday, 10 Dec 2013 10:30 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The congressional budget agreement announced Tuesday avoids a government shutdown in January and sets spending for defense and domestic programs. A look at the deal:

* Establishes overall discretionary spending for the current fiscal year at $1.012 trillion. The House budget level had been $967 billion and the Senate $1.058 trillion.

* Eases the automatic, across-the-board spending cuts by $63 billion over two years, split between defense and domestic programs. In the current fiscal year, defense would be set at a base budget of $520.5 billion and domestic programs at $491.8 billion.

* Working-age military retirees would see a change in their retirement benefits. The cost-of-living adjustment would be modified equal to inflation minus 1 percent. The changes would be phased in, with no change in the current year, a .25 percent reduction in December 2014 and a .5 percent decrease in December 2015. The change would not apply to retirees who left the service because of disability or injury. It would apply to retirees under the age of 62

* Increases by 1.3 percentage points pension contributions paid by federal civilian workers hired after Jan. 1, 2014.

* Increases airline security fees from $5 to $10 for a typical round-trip ticket.

* Raises premiums paid by corporations to the Pension Benefit Guarantee Corp. to guarantee pension benefits.

* Eliminates a requirement that the Maritime Administration reimburse other federal agencies for additional costs associated with shipping food aid on U.S. ships.

* Cancels unobligated balances in Justice and Treasury Department funds that seize assets from criminals.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Israeli Soldier 'Feared' Captured in Gaza

Friday, 01 Aug 2014 07:21 AM

The Israeli army says one of its soldiers is feared captured by Gaza militants, hours after a Hamas-Israel cease-fire  . . .

Border Bill Failure Also Stalls 'Iron Dome' Funding in Senate

Thursday, 31 Jul 2014 20:42 PM

The failure of the U.S. Senate's border security funding bill on Thursday also delayed at least until September $225 mil . . .

Israel, Palestinians Agree to Three-Day Truce in Gaza, U.S. Says

Thursday, 31 Jul 2014 18:12 PM

Israel and Palestinian militants in Gaza have agreed to a three-day humanitarian cease-fire, the longest break in more t . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved