^®: CRE Regulatory Action of the Week

OMB Requires More Discretionary Budget Cuts for 2015
The Office of Management and Budget's May 29, 2013 Memorandum to Heads of Federal Departments and Agencies states that their "2015 budget submission to OMB should reflect a 5 percent reduction below the net discretionary total provided for your agency for 2015 in the 2014 Budget. Your budget submission should also include additional reductions that would bring your overall submission to a level that is 10 percent below the net discretionary total provided for your agency for 2015 in the 2014 Budget."