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Accession Number PB2013-102665
Title Economic Impact of the Budget Control Act of 2011 on DOD and Non-DOD Agenices.
Publication Date Jul 2012
Media Count 25p
Personal Author S. S. Fuller
Abstract There is a broad consensus that implementation of the automatic federal spending reductions provided for in the Budget Control Act (BCA) of 2011 would have significant negative impacts on the U.S. economy in 2013. The Congressional Budget Office (May 2012) released its analyses of these impacts confirming what other independent organizations had already concludedthat if the provisions of the BCA of 2011 are implemented beginning January 2, 2013, the U.S. economy, which is still struggling to sustain its recovery more than three years after the end of the 2008- 2009 recession, could be pushed into recession during the first half of 2013. The International Monetary Fund (IMF) released a report on July 3, 2012 with the same conclusion. Other analyses have reported on the impacts of these federal spending reductions or sequestration on specific industries and their conclusions are the same: that implementing BCA of 2011 would severely impact the economy in 2013 with these losses reflected in reduced Gross Domestic Product (GDP) and a broad based loss of jobs that could add an estimated 1.5 percentage points to the current U.S. unemployment rate.
Keywords Budget control
Budget Control Act (BCA)
Congressional Budget Office (CBO)
Cutbacks
Economic effects
Economic impact
Economy
Military equipment


 
Source Agency Single Entry
NTIS Subject Category 70B - Management Practice
43B - Economic & Community Development
Corporate Author George Mason Univ., Arlington, VA.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1305
Contract Number N/A

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