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Financial Services, Govt. Appropriations Face Cuts

1 min read

If a House Appropriations Committee bill moves through without big changes, the Treasury Department and other major government agencies could face budget cuts, FierceGovernment reports.

H.R. 2434 calls for a 9 percent cut to agencies under the committee’s jurisdiction in fiscal 2012. The bill reduces funding to $20 billion in fiscal 2012 from $22 billion in fiscal 2011, nearly $6 billion below President Barack Obama’s budget request.

The Federal Communications Commission, the Federal Trade Commission and the Internal Revenue Service’s taxpayer services would all receive cuts under the bill. The Executive Office of the President also faces a cut, nearly $66 million less than fiscal 2011 and $100 million below the president’s request.

“The level of resources provided in the bill would significantly impact the EOP’s role in assisting the president in carrying out his constitutional duties as head of the executive branch,” the administration said in a July 13 statement of administration policy.

The statement also said the president would veto the bill in its current form.

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