BUDGET MATTERS: Representatives Float Virginia Supplemental
Submarine Industrial Base Council (SIBC)’s Post
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https://lnkd.in/epHmSBaa Continuing resolutions (CRs) are a dangerous way to fund the United States Department of Defense. Unlike a comprehensive #budget, which outlines specific allocations for various programs and initiatives over an extended period, a CR merely extends existing funding levels for a predetermined timeframe. They often come with restrictions or prohibitions on initiating new programs or expanding existing ones, further impeding the ability to invest in innovative solutions or address emerging challenges. This lack of flexibility stifles #innovation and prevents the government from effectively responding to emerging threats or opportunities. In essence, a CR serves as a stopgap measure rather than a proactive approach to fiscal management. By perpetuating existing funding levels and inhibiting new spending, it hampers the government's capacity to adapt to changing circumstances and invest in forward-looking initiatives essential for national progress. #emergingtechnology #tech #technology
Without full year budget, Navy to face $40B shortfall
https://federalnewsnetwork.com
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This afternoon, the Congressional Budget Office released a report outlining the potential budgetary effects of the Fiscal Responsibility Act (FRA). Get ready...it's complicated. 🚨 As of January 1, FRA 102 cuts were triggered because a CR is in place. These cuts are not implemented until April 30. Theoretically, this gives Congress a chance to pass all 12 appropriations bills by April 30 (good luck). ✂ If full appropriations are not enacted, FRA 102 sequestration takes place which would result in a 1 percent ($10 billion) defense cut and a 5 percent ($41 billion) non-defense cut from current FY23 CR levels on May 1. ☠ In reality, these cuts will cause much more damage than anticipated as agencies will have operated on CR funding levels for the first 7 months of the fiscal year -- meaning the 1 and 5 percent respective cuts for the FULL year will have to be endured in just the last 5 months of the year. 🙂 If Congress does pass all 12 appropriations bills for FY24 -- not a CR -- then the FRA 102 cuts revert back to FRA 101 budget caps for FY24. This could increase defense funding by 4 percent ($37 billion) but could also decrease non defense funding by 4 percent ($33 billion). ✂✂ But there's a string attached to all of this, Congress must explicitly reverse in statute the FRA 102 sequestration order otherwise those cuts may still apply in addition to the FRA 101 caps. ❓ And, the CBO expresses extreme uncertainty in their explanation (great). #congress #budget #federalfunding #sequestration #policymaking
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The United States Marine Corps wrote my favorite book on financial planning... While it's not specifically about financial planning, the principles it teaches are invaluable. In MCDP 5: Planning, the Marine Corps publication describes the first step of planning as follows: "Planning generally starts with assessing the situation. We gather information and orient ourselves to the conditions. We identify the various elements and dynamics of the situation, centers of gravity, and critical vulnerabilities. We make projections about likely future developments. In short, we identify the problem or problems to be solved." And now, with the 2023 tax deadline behind us, it's time to plan for 2024. As the Marine Corps teaches, start by assessing and familiarizing yourself with the conditions, such as the 2024 federal tax rates. Tax planning isn't only a fourth-quarter activity. Get a head start on taking proactive measures to reduce your lifetime tax bill.
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To say the U.S. FY24 budget process has been tumultuous would be an understatement. In addition to the commonplace continuing resolutions that are needed to avoid shutdowns when Congress is unable to pass a budget on time, we’ve also seen fights over the debt ceiling, supplemental spending requests, and an ousted speaker of the House that have disrupted negotiations over spending. #budget #defense #USA https://lnkd.in/eZR3R-uv
A Preview of FY24 U.S. Congressional Defense Budget Negotiations
https://dsm.forecastinternational.com
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Leader, Strategist, Raconteur | Growing the Next Generation One Leader at a Time | Professor of the Practice at the University of Kansas School of Business
Continuing resolutions are a mix of good news and bad news. The good news is that the government keeps running and people continue to be paid. The bad news is that without an actual budget, budget predictability goes out the window and programs start to be impacted. Training is often deferred. Maintenance, especially on major platforms, can be delayed for months. Contracts are often delayed. So, on the surface, it looks great. High fives around the halls of Congress. The spigot is still flowing. But, below the surface, it's chaos. Every delay in passing an actual budget creates downstream ripples of fiscal uncertainty that accumulate until reaching tsunami level during the last quarter of the fiscal year. Inevitably, that's when the real money starts to arrive, along with a mandate to do everything you had planned for the year, but within three months. Since that's generally not possible, that wave carries through to the next fiscal year. Then October rolls around and we repeat the same process. All the while members of Congress demand answers about decreases in readiness, manpower, lethality... that they themselves caused. But, hey. At least we're not broke. Until March. Then we'll be broke again.
Congress passes third stopgap funding bill instead of full FY24 budget
defensenews.com
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As we navigate through the complexities of the FY24 budget process, the continued reliance on CRs remains a critical vulnerability. With extensions now pushing the deadline to 22 March, there’s a glimmer of hope that Congress can finalize the necessary language and secure a full appropriation. Unfortunately, the uncertainty and financial constraints of multiple CRs are not just bureaucratic hurdles; they are actively undermining our military’s capability to adapt, innovate, and maintain its operational edge. The ripple effects of these delays reach far beyond spreadsheets and policy documents… directly compromising the readiness and effectiveness of our forces. The current situation calls for more than just a resolution; it demands a reevaluation of how we approach the budgeting process… creating a more streamlined, efficient, and forward-looking fiscal strategy that ensures our defense mechanisms are not just maintained, but enhanced.
Congress strikes deal to avert a partial government shutdown — for now
nbcnews.com
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Last week, #Congress passed a bill that extended #funding deadlines from March 1 and March 8 to March 8 and March 22, respectively. The one week extension was meant to offer time to pass a funding #agreement for the Agriculture-FDA, Commerce-Justice-Science, Energy & Water, Interior-Environment, Military Construction-VA, and Transportation-HUD bills. On Wednesday, the #House passed a #minibus that would fund those #portions of the government through one piece of #legislation. Today, the funding #package is expected to be passed by the #Senate and signed by President Biden to avert a partial government #shutdown. https://lnkd.in/d28znreA
First batch of final spending bills passes House - Roll Call
rollcall.com
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January 10 is the constitutional deadline for the Governor to release the proposed 2024-25 State Budget. This is the first step of a six-month process to pass the budget bill. Learn more about the budget process from CSAC Legislative Advocate Kalyn Dean. https://lnkd.in/gjmP6Huk
CSAC Explains: The California State Budget Process
https://www.youtube.com/
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I help progressive advocacy & labor orgs in California pass legislation & win budget funding to build just communities. Host of Blueprint for California Advocates podcast. Author of Changemaker.
What’s the “May Revision”? Check out my video below for a brief explainer on this key milestone in the #CABudget making process. Governor Newsom is expected to announce his May Revision to the proposed FY 2024-25 California budget tomorrow at 11 am PST. Tune in here - https://ebudget.ca.gov - to learn how he proposes to fill the projected historic shortfall in revenue. Additionally, here are some resources for understanding the California Budget Process: The California Budget Center: 👉 https://lnkd.in/gVCeSHah The California Department of Finance: 👉 https://lnkd.in/gf529PT7 #CaLeg
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Missed our webinar on addressing the the transit fiscal cliff? Philip Plotch has you covered!
Climbing Down from the Fiscal Cliff in California, Illinois, Minnesota, and New York – The Eno Center for Transportation
https://enotrans.org
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