^®: CRE Regulatory Action of the Week

OMB Issues FY 2015 Sequestration Report
The U.S office of Management and Budget has issued its Sequestration Update Report to the President and Congress for FY 2015. This document reports on the status of the discretionary caps and on the compliance of pending discretionary appropriations legislation with those caps. The report finds that if the current limits remain unchanged, under OMB's estimates Senate action to date for the 12 annual appropriations bills for fiscal year 2015 would result in a sequestration of approximately $34 million in discretionary programs in the defense category. The report also finds that actions by the House of Representatives for both the defense and non-defense categories and actions by the Senate for the non-defense category are in compliance with the current 2015 spending limits and that present House and Senate action on pending 2014 supplemental appropriations would not breach the current 2014 limits.

This report is available online at http://www.whitehouse.gov/omb/legislative_reports/sequestration.