...and what exactly does it mean for our country? Can it have a global economic impact as well?

I don't really understand it. Neither does a relative of mine, we were talking about it this morning.

So in basic simple terms, can someone define or describe what exactly this is and what can possibly happen because of it?

Is this a gloom and doom scenario or is there hope that things can get better because of it?

Your thoughts....

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The term's meaning differs slightly when adopted by Congress to reform the Federal Budget.

In essence, it deals with the voting vs. mathematics involved when dealing directly with the deficit.

Here's a link to Political Terms: HERE

It's an exrrcise in futility.  What we need to do is shrink the size of the Government, not juggle tactics to maintain it, if not grow it.  The Federal Spending is a major issue in our budget, deficit and the decline of the economy.

So basically if the government gave education programs 20,000(i know that's a low amount) for the year and their cap is 10,000 then the government doesn't pay them the 10,000 difference over the rest of the year? The government decides who gets their funding cut and who keeps it?

So what does this mean long-term?  Is there any way for the citizens(other than through our representatives) to vote how to balance the budget? Or vote to shrink the size of the government? I know I sound like an idiot, but I never was politically savvy. And I thank you for sharing this information with me(and any other "Political idiots" out there LOL) Wouldn't cutting the salaries of those in government help out as well? Is there a way to make that happen?

It works something like that.  When people look at the 'Government' as a whole, it's not just the bureaucrats and paper-pushers.  It also includes services like the Armed Forces, Law Enforcement, Fire-Fighters, Teachers, Social Services, etc.  It's really HUGE.  Cuts often start in areas that make little sense, when it could be focused on the higher-agents that don't really need to take an over-inflated salary, or abuse allocated budgets for their positions.  

In the long-term, the budget isn't going to be cut by very much marginally.  In fact, in some areas the spending increases.  

People often feel helpless against the Republic for which it stands.  Especially when legislators aren't really listening to their continents when it counts.  Often times 'we the people' are treated like the uneducated under-class, so the Reps usually go with 'we know what's good for them...'  Very little changes to strengthen our nation, and focus is usually shifted to areas that justify both the size and financial backing of the body of government.

There are a ton of people that speak to the general public about these issues.  Whether their stance is Conservative or Liberal, they usually share some common views when dealing with both the size and spending habits of the Government.  It's their hope, that private citizens will do their best to cast their votes with each dollar spent.  That's really where your vote counts.  Not in the voting booth, not supporting a Representative but what you fund with each dollar you spend.

As an Accountant myself, it would be rather easy to determine where the cuts need to be made and how we can increase profits.  It's never that simple.  The budget is always bound and gagged in red-tape.

Bless America!

I put THIS topic up last week.  I encourage you to give it a look over and think about it.  We are very close to becoming Greece.  Greece is reorganizing now, it could very well be that Greece will be rated above us as a Nation in the next 5 years.  People need to change their habits.  Not just spending, but also how they allow information to pumice them into complacency.

I started to watch the video, only got 7:42 into it. will have to finish it later after I take care of some errands here. Thanks again for the explanation and info. Appreciate it. :)

No problem.  It's worth the time, if you can manage it.

As an Accountant myself, it would be rather easy to determine where the cuts need to be made and how we can increase profits.

Except the government is not a business, they don't exist to make a profit.  They exist at best to keep funded social services, emergency services and protective services for their citizens.  

Underneath that comes programs that provide for the common welfare or benefit of the nation's citizens.

It is very complex and it is very difficult to determine which program should be cut. 

Finally...someone understands the go ernment is not a business and cannot be run like a business. My organization adopted the we are a business attitude and tried to make it work. We went through repeated exercises of identifying our customers. What a waste of time. Our customer is John Q. Public. Plain and simple. They never could get that.

The #1 goal/mission/purpose or any other word you want to describe it of the government and its agencies is to promote and protect the public interest. That's been forgotten along the way.

I could go on but it would frustrate me and all the replies from folks who think they know how to fix it would make me crazy. Ha! Already there...

You assume I'm treating it like a business.  I'm not.  I'm dealing with the accounting aspect only.  In order to have funding, you can't work in the red consistently and support a nation on credit for too long or a complete collapse is inevitable. 

I agree, there is a complexity to each program and where cuts make sense, but looking at each program's balance sheet would solve that.  SERIOUSLY.

Oh, you mean you can't just keep spending money you don't have, on shit you can't afford.

Obama's Sequester speech was utter Rhetoric.  

If the American Public were aware of the spending habits, they would truly be appalled.  I mean FFS it's not rocket-science, and tax payer dollars are padded all the time.  Not just at the Federal Level, at State/City levels as well.

Every dept is full of HORROR stories of wasteful spending, and ensuring that a budgeted amount is guaranteed for the next proposed year.  EVEN IF THE FUNDING ISN'T NEEDED.  *facepalm*

Assumed nothing. Was responding to Aurelia's comment.

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