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3/5/2013
Sequestration is the automatic reduction of federal spending triggered when Congress approved spending levels that exceed certain “caps” set forth in the Budget Control Act of 2011. Sequestration was established to be so painful as to provide a strong incentive for Congress to pass more sensible and targeted deficit reduction legislation. However, the gridlock in Washington prevailed and sequestration is scheduled to commence on March 1, 2013.
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