Overview of Treasury Department sequester cuts
How sequestration will impact the Treasury Department:
1. Impose furloughs – or temporary unpaid leaves – on Internal Revenue Service employees. This could result in longer wait times for taxpayers seeking help from IRS call centers as well as delays in receiving their tax refunds.
2. Cut back on investigating money laundering and support for counter-terrorism operations. Sequestration would “undermine Treasury’s ability to block funds from flowing to dangerous individuals and organizations, affecting the security of all Americans,” wrote Acting Treasury Secretary Neal Wolin in a letter to the Senate Appropriations Committee.
3. Reduce renewable energy and small business tax credits, support for state and municipal bond programs, and the number of grants awarded by the Community Development Financial Institutions Fund that support low-income communities.
- WhatTheFolly.com: 5 key facts about sequestration
- WhatTheFolly.com: Analysis: Impact of sequestration on non-defense discretionary spending
- WhatTheFolly.com: Transcript: OMB Controller Daniel Werfel’s testimony on impacts of sequestration before the Senate Appropriations Committee
- Senate Appropriations Committee: Letter from Acting Treasury Secretary Neal S. Wolin on the impacts of sequestration (PDF)
- Senate Appropriations Committee: Video of the Senate Appropriations Committee hearing on the impacts of sequestration on Feb. 14, 2013
- Senate Appropriations Committee: Hearing on the impacts of sequestration on Feb. 14, 2013