"Like life in a bad Road Runner cartoon, the United States has survived the New Year's "fiscal cliff," double rounds of debt-ceiling roulette and various budget blow-ups over the past two years. Now the threat is $85 billion in indiscriminate spending cuts that would hit most federal programs and fall hardest on the military. Pentagon programs are slated for an 8 percent cut; other agencies would lose 5 percent for the current budget year.
By law, these cuts known as the "sequester" begin unfolding automatically at week's end unless President Barack Obama and Congress act to stop them. Even after they've begun, the cuts still could be halted or reversed through legislation.
Why did Congress and Obama agree to automatic cuts they don't like? To corner themselves into getting the nation's deficit under control."
- By Calvin Woodward and Connie Cass
By law, these cuts known as the "sequester" begin unfolding automatically at week's end unless President Barack Obama and Congress act to stop them. Even after they've begun, the cuts still could be halted or reversed through legislation.
Why did Congress and Obama agree to automatic cuts they don't like? To corner themselves into getting the nation's deficit under control."
- By Calvin Woodward and Connie Cass
RSS Feed