Cuts might deal the nascent economic recovery a short-term setback, but investment advisers say the medicine is necessary to start curing the nation's long-term fiscal ills
Agencies such as the Securities and Exchange Commission are bracing for cuts. The SEC, which might have to trim its budget by more than $100 million, has not provided any details on how it would deal with a funding reduction, but SEC spokes-man John Nester said that no staff furloughs or layoffs would result from sequestration.
Chairman Elisse Walter told reporters Feb. 14 that in the event of sequestration, it wouldn't be able to hire all the people it needed. “We won't be able to do all the things we plan to do, but we are prepared,” she said.
“Essentially, they have to operate with both hands tied behind their back and walking on crutches,” said Marilyn Mohrman-Gillis, managing director of public policy and communication at the Certified Financial Planner Board of Standards Inc. Read more >
Mark Schoeff, Jr.
February 24, 2013