Springtime in Washington: The Budget Knives Come Out
By Caitlin Jones
1 min read
Tax Credit Advisor, May 2011: Springtime in Washington, D.C. this year means budget frenzy – and the knives are out taking aim at housing.
On April 15, President Obama signed an omnibus appropriations bill (H.R. 1473) for the fiscal year ending September 30 (FY 2011) that significantly cuts funding levels for many federal housing and community development programs compared to FY 2010.
This may be just the first body blow, though. On April 15, the GOP-controlled House of Representatives approved a budget resolution for FY 2012, developed by Budget Committee Chairman Paul Ryan (R-Wisc.), which calls for massive spending cuts and tax reforms. President Obama has outlined his own deficit reduction proposal.
