After two years of budget cuts and further hits from the federal budget sequestration, officials at one of the nation's busiest bankruptcy courts say they are barely getting by on a bare-bones budget, Dow Jones Newswires reported yesterday. The funding for the U.S. Bankruptcy Court for the Southern District of New York has been reduced by 37 percent over the last two years, to $5.06 million for 2013 from $8.06 million in 2011. The 2013 budget includes the 4 percent cut the court saw as a result of the across-the-board budget reductions that took effect in March, known as sequestration. And the court, which has handled some of the biggest, most high-profile chapter 11 cases in recent years, is expecting more budget cuts next year, which could mean further staff cuts.
