Federal Budget Cuts
Moody’s Investors Service has downgraded Howard University’s credit rating, citing revenue declines at the historically black college and automatic federal budget cuts from Congress.
This year’s across-the-board budget cuts are slicing tens of millions of dollars from the federal government’s funds for battling wildfires, reductions that have meant fewer firefighters and could cause agencies to dip into other programs designed to prevent future blazes.
A top general says federal budget cuts that will ground one-third of the U.S. Air Force’s active-duty force of combat planes including fighters and bombers means “accepting the risk that combat airpower may not be ready to respond immediately to new contingencies as they occur.”
The U.S. Department of Agriculture’s statistical arm said it won’t issue some agricultural reports this year because of automatic federal budget cuts, alarming some in the dairy industry who fear the information void could wreak havoc with milk prices.
The White House released lists for each state on Sunday of potential effects of automatic spending cuts set for Friday.
A Wells Fargo report says Maryland, Virginia and the District of Columbia are the most vulnerable to looming and widespread federal budget cuts.
Warren Deschenaux, director of the state’s Office of Policy Analysis, said Monday the best way to be ready is to reduce the state’s ongoing budget deficit.