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  • bluecheese4u bluecheese4u Mar 1, 2013 9:17 PM Flag

    Obama Orders Cuts That Will Be ‘Slow Grind’ on Economy

    Obama Orders Cuts That Will Be ‘Slow Grind’ on Economy

    By Julianna Goldman & Margaret Talev - Mar 1, 2013 6:50 PM MT

    President Barack Obama ordered the start of $85 billion in government spending cuts, beginning a potentially decade-long wave of belt-tightening that risks curbing U.S. economic growth this year.

    The White House released the order tonight, the deadline set by a law passed two years ago to avoid a debt default, and the Office of Management and Budget sent Congress a detailed list of program cuts. The reductions’ impact will become clear over the next several weeks, as agencies inform affected government contractors and notify employees about furloughs, most of which wouldn’t begin until some time in April.

    “What’s important to understand is that not everyone will feel the pain of these cuts right away,” Obama said at the White House earlier in the day, after meeting with the top four leaders of Congress. “The pain, though, will be real.”
    The across-the-board cuts, known as sequestration, were intended to be so onerous that Congress and the president wouldn’t let them occur and would come up with a plan to replace them. Instead, Democrats and Republicans deadlocked on an alternative. Obama insisted that any plan must include new tax revenue and Republicans, led by House Speaker John Boehner, rejected that approach.
    The amount to be cut under the law totals $1.2 trillion over nine years. Of that, $85 billion comes out of the budget for the remaining seven months of this fiscal year, making for effective reductions of about 13 percent for defense programs and 9 percent for non-defense programs, according to the Office of Management and Budget.


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