Tag: sequester

Unless U.S. Congress members take further action, Connecticut officials are bracing for roughly $58.7 million in lost federal funding for the 2013 fiscal year.

With billions of dollars in defense and domestic spending cuts set to kick in March 1, Rep. Jim Himes said he fears the odds are slim for an 11th-hour deal that would postpone or offset the sequester.

In an attempt to avoid the fiscal cliff, before large tax increases and spending cuts took effect Jan. 1, Congress passed a tax agreement to allow income taxes to increase on the wealthiest 2 percent of Americans.

Since the election, lawmakers from both sides of the aisle have indicated a willingness to accept increased revenues and to address entitlement spending.