President Signs Bipartisan Budget Act to Fund Government Through Fiscal Year 2015

February 19, 2014

President Signs Bipartisan Budget Act to Fund Government Through Fiscal Year 2015

On December 26, 2013, President Barack Obama signed the “Bipartisan Budget Act” (H.J. Res. 59) into law. The new legislation relaxes statutory caps imposed by the Budget Control Act (Pub. L. 112-25) on discretionary spending for fiscal years 2014 and 2015. The act increases the statutory cap for discretionary spending for fiscal year 2014 by $45 billion, setting the budget for the year at $1.012 trillion. The legislation sets the budget for fiscal year 2015 at $1.014 trillion—an increase of approximately $18 billion. The increase in spending for fiscal years 2014 and 2015 are offset through $85 billion in spending cuts and additional revenue generated through increases in federal workers’ pension contributions, cuts to some military retirees’ pensions, and an increased airline security fee. The act also establishes a $487,000 cap on contractor executive compensation, which conflicts with the $625,000 cap established by the National Defense Authorization Act for Fiscal Year 2014. The legislation is expected to achieve approximately $22 billion in deficit reduction over a decade. 






NCMA Resources | Advertise | Privacy Policy | Contact Us | Site Map | © 2012 National Contract Management Association