Equal Pay Discrimination Yes or No?

Me: Work for a niche management consulting firm that concentrates solely on specific industry segment (architecture/engineering firms). Have MBA, PMP, relevant industry experience and prior consulting experience. Hired five years ago, worked way up and promoted to Principal January 2009.

January 2009: Though I received a raise with promotion, male colleague in same office (also Principal) was still making $30k more than me. He was four yeas younger and by solid accounts, had less experience both in years and relevancy.

When I negotiated for more, I was denied and told that was all they could afford. When I asked what the difference was between me and colleague, I was told that was none of my business and that we couldn't compare. Was told I should be happy to have the job and that the firm has no set salary ranges for Principals (ie $100k or more). Male colleague employee was laid off three months later for not selling enough work to cover his salary and other purported performance reasons.

March 2009: All Principals were given 20% pay cuts. I was spared because I was "a new Principal and that wouldn't be fair".

August 2009: 10% staff wide pay cuts were instituted (Principals omitted since they already took a hit). I was spared again because I was per CEO "already underpaid".

October 2009: CEO had voluntary conversation with me saying the pay differential would be rectified come new year and raved that my work, attitude, dedication, and results were stellar.

November 2009: I am only remaining member of my team(layoffs and resignations driving the other five out) and have the second highest consulting sales in the firm. We hire another male Principal (12 years older than me), with no MBA and though has Fortune 500 firm exposure in consulting, does not have any in our "niche". And admits lacks knowledge of our industry dynamics (arch/eng/construction). He reports to me and I objected to his salary before he was given the offer. CEO made him the offer despite my objection. He is being paid $15k more than me. I expected to get a raise and have since been told "we cannot afford it at this time".

I have read a lot on this subject and realize I could get hung up on the "other than sex" thing. Does economic situation (pay cuts, financial position of firm, bad economy) stand as a legit reason to not pay a woman as much as the man? Does this violate the EPA?