A Look at the Congressional Budget Agreement - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

A Look at the Congressional Budget Agreement

Posted:
(Photo: MGN) (Photo: MGN)

Washington, DC (AP) - The budget agreement passed by Congress sets spending limits for two years and averts a possible government shutdown in January. It increases government deficits in 2014 and 2015 but reduces them over 10 years by a total of $23 billion.
    
Key details:
    
-Establishes overall non-war-related discretionary spending at $1.012 trillion for the current fiscal year and $1.014 trillion for fiscal 2015. Discretionary spending is the money approved by Congress each year for agency operations. The House budget level had been $967 billion and the Senate $1.058 trillion for the year that runs through next Sept. 30. Fiscal 2013 spending was $986 billion.
    
-Eases across-the-board "sequester" spending cuts by $63 billion over two years, split between defense and domestic programs. In the current fiscal year, defense would be set at a base budget of $520.5 billion and domestic programs at $491.8 billion.
    
-Raises airline security fees from $5 to $11.20 for a typical round-trip ticket starting July 1, 2014. That would raise $13 billion over 10 years. Current fees are $2.50 per leg with a maximum of $10 for a round trip with connecting flights or $5 for a round trip with non-stops.
    
-Reduces retirement benefits for working-age military retirees, including those who retire early because of disability. Starting Dec. 1, 2015, the cost-of-living adjustment for pensions received by people under 62 would be modified to equal inflation minus 1 percent. Upon reaching 62, retirees would receive a "catch-up" increase that would restore their pensions to levels as if the cost-of-living adjustment had been the full consumer price index in all previous years. The change would save $6 billion.
    
-Increases by 1.3 percentage points the pension contributions paid by federal civilian workers hired after Jan. 1, 2014. The change would raise $6 billion.
    
-Restricts access to Social Security death records to prevent identity thieves from filing fraudulent tax returns. The change would save $269 million.
    
-Raises premiums paid by corporations to the Pension Benefit Guarantee Corp. to guarantee pension benefits, a change that would raise $8 billion.
    
-Eliminates a requirement that the Maritime Administration reimburse other federal agencies for additional costs associated with shipping food aid on U.S. ships. This would save $731 million.
    
-Cancels $1.6 billion in unobligated balances in Justice and Treasury Department funds that seize assets from criminals.
    
-Caps the maximum government payment for contract employees at $487,000, indexed to inflation. Agencies could make exceptions for scientists, engineers and other specialists.
    
-Gives the Treasury Department greater access to prison data to prevent prisoners from claiming improper payments. This would save $80 million.
    
-Approves a U.S.-Mexico agreement on oil and gas exploration in waters outside their exclusive economic zones.
    
-Permanently extends a requirement that states receiving mineral lease payments contribute to the federal government's administrative costs. This step would save $415 million.
    
-Extends Bureau of Customs and Border Protection user fees. This would raise $7 billion.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Santa House Finds Temporary Home in Worcester County

    Santa House Finds Temporary Home in Worcester County

    Tuesday, September 16 2014 5:33 PM EDT2014-09-16 21:33:01 GMT
    For months, it was looking like Christmas wouldn't come for hundreds of children in need in Worcester County. That is because Santa House, which has been helping needy families for more than three decades, found itself homeless. But thanks to some last minute holiday magic and a little help from WBOC, Santa House is back in business.More
    For months, it was looking like Christmas wouldn't come for hundreds of children in need in Worcester County. That is because Santa House, which has been helping needy families for more than three decades, found itself homeless. But thanks to some last minute holiday magic and a little help from WBOC, Santa House is back in business.
    More
  • Governor's Challenge Basketball Adds Girls Division

    Governor's Challenge Basketball Adds Girls Division

    Tuesday, September 16 2014 4:52 PM EDT2014-09-16 20:52:59 GMT
    SALISBURY, Md. - Salisbury, MD – The largest holiday basketball tournament in the state of Maryland will continue to grow this year as the Governor's Challenge Basketball Tournament returns to the Wicomico Youth Civic Center with an expanded format on December 26-27, 29-30. As part of the event's growth, representatives from the Governor's Challenge have announced a new partnership with DMVelite Showcase Events.DMVelite, a sports event management company which focuses on the DC, Maryland and...More
    SALISBURY, Md. - Salisbury, MD – The largest holiday basketball tournament in the state of Maryland will continue to grow this year as the Governor's Challenge Basketball Tournament returns to the Wicomico Youth Civic Center with an expanded format on December 26-27, 29-30. As part of the event's growth, representatives from the Governor's Challenge have announced a new partnership with DMVelite Showcase Events.DMVelite, a sports event management company which focuses on the DC, Maryland and...More
  • Orioles Going for AL East Division Title, Fans Gearing Up for the Game

    Orioles Going for AL East Division Title, Fans Gearing Up for the Game

    Tuesday, September 16 2014 4:42 PM EDT2014-09-16 20:42:58 GMT
    Baltimore Orioles fans are gearing up for tonight's big game against the Toronto Blue Jays. The team is just one game away from the American League East Division Title.More
    Baltimore Orioles fans are gearing up for tonight's big game against the Toronto Blue Jays. The team is just one game away from the American League East Division Title.
    More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service