Agencies shouldn't initiate new development spending on federal financial management systems worth more than US$20 million until the Office of Management and Budget has reviewed spending plans. Financial management projects should take no longer than 18 to 24 months, including planning, with interim deliverables rolling out every 90 to 120 days during the build phase, the memo states.

Approximately 30 financial systems projects worth $20 billion over their lifetime are affected by spending freeze order, according to OMB Director Peter Orszag. Agencies have 60 days to prepare the plans and OMB has 60 days thereafter to review the plans, the memo states.

Source: Fierce Government

Here for full article