Lets not forget about Sequesters: House on track to pass deep cuts to budget

A familiar budget plan to sharply cut safety-net programs for the poor and clamp down on domestic agencies performing the nuts-and-bolts programs of the government is cruising to passage in the tea party-flavored House.

The Republican measure is advancing to the finish line in the House as the Senate starts a lengthy slog toward passage of a rival budget measure. It takes a sharply different view, restoring automatic cuts to agency budgets and increasing taxes by $1 trillion over the coming decade.

The dueling budget plans are anchored on opposite ends of the ideological spectrum in Washington, appealing to core partisans in the warring parties gridlocked over persistent budget deficits. President Barack Obama is exploring the chances of forging a middle path that blends new taxes and modest curbs to government benefits programs.

The sharp contrast over the 2014 budget and beyond came as the House is positioned to clear unfinished budget business — a sweeping, government-wide funding bill to keep Cabinet agencies running through the 2013 budget year, which ends Sept. 30.

Associated Press

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu