Business & Economy
|
Business & Economy
|
|
|
OPM tells agencies to plan for mass layoffs
|
A Wednesday memo from the Office of Personnel Management (OPM) and Office of Management and Budget (OMB) directs agencies across government to turn over plans for widespread layoffs of federal employees by March 13.
|
The memo, which provides more specific guidance after a Feb. 11 executive order from President Trump mandating layoffs, requires agencies to break down their plans for a reduction in force and broader restructuring of their agencies.
It also indicates the White House is eager to speed the shedding of federal workers, noting OPM can cut in half the 60-day notification period for employees being laid off, meaning swift-moving agencies could begin notifying affected employees as soon as April.
“Pursuant to the President’s direction, agencies should focus on the maximum elimination of functions that are not statutorily mandated while driving the highest-quality, most efficient delivery of their statutorily-required functions,” OPM and OMB wrote.
The memo directs agencies to “collaborate with their Department of Government Efficiency (DOGE) team leads within the agency.”
Among the suggested methods for cutting employees is looking at “positions not typically designated as essential during a lapse in appropriations.”
Read the full report at TheHill.com.
|
Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
|
|
|
Key business and economic news with implications this week and beyond:
|
|
|
{section_0.content[0].description}
|
|
|
|
{section_0.content[1].description}
|
|
|
|
{section_0.content[2].description}
|
|
|
|
{section_0.content[3].description}
|
|
|
|
Welcome to Tax Watch, a new feature in The Hill's Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
|
Budget resolution gets applause from businesses, boos from labor
|
Business groups cheered the budget resolution that cleared the House Tuesday night after a stop-and-go vote orchestrated by Speaker Mike Johnson (R-La.) while labor groups hurled tomatoes.
Hundreds of businesses and trade associations on Wednesday applauded the 2017 Tax Cuts and Jobs Act (TCJA), which Republicans are trying to extend or make permanent through the legislative reconciliation process, which Tuesday’s budget resolution unlocked. Reconciliation bills can be passed with a simple majority, allowing for a party-line vote in the Senate that avoids the filibuster.
“The individual, business, and estate tax provisions of the 2017 Tax Cuts and Jobs Act ('TCJA') … should be made permanent,” the American Chemistry Council, the Mortgage Bankers Association, the Plastics Industry Association and many others wrote.
AFL-CIO labor federation president Liz Shuler said that Republicans’ tax agenda amounts to a “massive tax giveaway to giant corporations” at the expense of public food assistance and healthcare programs, which Republicans are seeking to cut.
“The Republican budget bill that the House is aiming to pass this week would slash programs like Medicaid and food assistance for children, taking away care from grandparents in nursing homes, premature babies in the NICU, and leaving kids hungry,” she wrote in a statement.
— Tobias Burns
|
|
|
{{if !contains(profile.lists,"Evening Report")}
{/if}}{{if !contains(profile.lists,"Evening Report")}
{/if}}
Upcoming news themes and events we're watching:
|
-
The Commerce Department on Friday will release the personal consumption expenditures (PCE) price index, the Fed's preferred gauge, at 8:30 am.
|
|
|
Branch out with more stories from the day:
|
|
|
{section_2.content[0].description}
|
|
|
Business and economic news we've flagged from other outlets:
|
-
S&P 500 ekes out gain on Wednesday, ending four-day run of losses (CNBC)
-
Nvidia doubled profits in 2024. And it says outlook is rosy despite AI jitters (CNN)
-
GOP Wants Musk’s Starlink to Get a Cut of $42 Billion Biden Internet Plan (Bloomberg)
|
|
|
Top stories on The Hill right now:
|
|
|
Opinion related to business and economic issues submitted to The Hill:
|
|
|
|
You're all caught up. See you tomorrow!
|
Save story
-
The Office of Management and Budget and the Office of Personnel Management asked agencies to submit plans for downsizing by March 13.
CBS News - 5h
-
A Wednesday memo from the Office of Personnel Management (OPM) and Office of Management and Budget (OMB) directs agencies across government to turn over plans for widespread layoffs of federal ...
The Hill - 10h
-
Thousands of Americans who worked as federal employees are out of a job and more cuts are coming after a federal judge allowed the Trump administration's mass layoffs plan to continue. CBS News' ...
CBS News - 5d
-
The IRS just laid off at least 6,000 employees, which could lead to slower processing times–or lax enforcement.
Inc. - 5d
-
A judge allowed the Department of Government Efficiency's federal workforce cuts to continue on Friday. Probationary workers and IRS staff are on the chopping block as the Defense Department ...
CBS News - 5d
-
President Donald Trump’s sweeping efforts to purge the federal workforce have dealt a striking one-two punch to an already largely vulnerable population: America’s veterans.
NBC News - 5d
-
Around 180 FDA medical device workers were laid off earlier this month by DOGE.
NBC News - 2d
-
As the IRS fired thousands of workers across the country on Thursday, many laid-off employees walked out of the headquarters in Washington, D.C., for the last time.
ABC News - 5d
-
The Trump administration is directing federal agencies to begin preparations for large-scale layoffs and restructuring, and submit plans by March 13, according to a memo.
ABC News - 3h
-
Chief Justice John Roberts temporarily delayed a midnight deadline for the Trump administration to unfreeze nearly $2 billion in foreign aid payments, imposed by a lower judge who found the ...
The Hill - 43m
-
NewsNation contributor and former White House chief of staff Mick Mulvaney said President Trump and Elon Musk are itching for a fight with the courts over their cuts to the federal workforce. ...
The Hill - 1h
-
The Justice Department filed an emergency application at the Supreme Court Wednesday asking to block a midnight deadline for the Trump administration to unfreeze nearly $2 billion in blocked ...
The Hill - 2h
-
Rep. Marjorie Taylor Greene (R-Ga.), chair of the House Oversight Subcommittee on the Department of Government Efficiency (DOGE), threatened to make criminal referrals during a hearing on foreign ...
The Hill - 2h
-
The Justice Department doubled down on its demand that the Supreme Court step in to greenlight President Trump’s firing of a government whistleblower office head, warning in a Wednesday letter that ...
The Hill - 3h
-
Chief Justice John Roberts temporarily delayed a midnight deadline for the Trump administration to unfreeze nearly $2 billion in foreign aid payments, imposed by a lower judge who found the ...
The Hill - 43m
-
NewsNation contributor and former White House chief of staff Mick Mulvaney said President Trump and Elon Musk are itching for a fight with the courts over their cuts to the federal workforce. ...
The Hill - 1h
-
The Justice Department filed an emergency application at the Supreme Court Wednesday asking to block a midnight deadline for the Trump administration to unfreeze nearly $2 billion in blocked ...
The Hill - 2h
-
NBC News’ Steven Romo reports on how a conspiracy theory about missing gold at Fort Knox spread to the White House. The federal facility holds half of the country’s gold and has only been opened ...
NBC News - 2h
-
According to two U.S. officials, the U.S. carried out a strike against a senior leader of an affiliate of Al-Qaeda in Syria. NBC News’ Courtney Kube reports.
NBC News - 2h
| | |
