The Sequester and the Debt Ceiling

The sequester, cutting $1.2 trillion over the next decade, went into effect after the parties failed to reach a deal. The House passed a fiscal year 2014 budget that would balance the United States budget in 2023. This was a shorter period than envisioned in their 2013 budget, which balanced to 2035,. and the 2012 budget whichbalanced to 2063. On April 10th, the president released his own 2014 budget, which was not voted on at either house.