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Crisis … Not Averted Senate Rejects Last Sequester Bills Alex Wong / Getty Images

Senate Rejects Last Sequester Bills

Time for Plan B! Wait, there is no Plan B? As expected, the Senate rejected rival bills aimed at preventing the looming sequester Thursday, meaning that $85 billion in automatic spending cuts will almost definitely kick in on Friday. Bills introduced by both Democrats and Republicans failed to receive the necessary 60 votes to pass. With no other plan in place to stop the sequester, the cuts will now be phased in over the next seven months. According to the Congressional Budget Office, the cuts could lead to the loss of 750,000 jobs this year.

February 28, 2013 3:48 PM