Sequestration: Preparing for Unprecedented Cuts to Federal Spending
July 12, 2012
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The Budget Control Act of 2011 establishes a process, known as sequestration, whereby automatic, across-the-board spending cuts are scheduled to occur in January 2013. These cuts are currently slated to affect both mandatory and discretionary spending and are predicted to produce roughly $108 billion in annual spending reductions through 2021, split evenly between defense and non-defense accounts. While Congress is said to be working toward undoing these cuts — described by the Secretary of Defense as a "doomsday mechanism" that "would terribly weaken [the United States'] ability to respond to the threats in the world"— no clear solution is yet in sight. Understanding how sequestration will affect contractors is essential to proper business planning and contract administration in the years ahead.
This 90-minute webinar will provide a background of the sequestration process and an overview of the Budget Control Act of 2011 to help you understand the legal environment surrounding the Act. In tandem, it will address particular types of contract vehicles and contract actions that likely will or will not be affected by these cuts.
- Understand the statutes that establish the current budgetary process and the sequestration process.
- Learn the basic rules of fiscal law that control the Government’s ability to obligate and expend funds prior to and during sequestration.
- Identify the particular contract vehicles and contract actions that may be affected if these spending cuts occur.
- And much more!
Who Will Benefit?
This webinar is a must for contractors, their executives, legal counsel, contract administrators, business managers, and others who need an understanding of the budgetary environment in which all contractors may have to operate for the next decade. Get ahead of the curve — register your team today!
This Course is Eligible for Continuing Professional Education Credit (CPE)
CPE Credit: 1.5 hours
Advance Preparation: None
Course level: Basic
L2 Federal Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
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