Sequester Cuts On the Way

    The US Capitol in Washington, DC, is seen February 28, 2013. Two competing bills aimed at averting huge spending cuts failed February 28, 2013 in the US Senate, virtually assuring that the USD 85 billion in indiscriminate, across-the-board cuts known as the sequester will kick in after the March 1, 2013  deadline. AFP PHOTO / Saul LOEB        (Photo credit should read SAUL LOEB/AFP/Getty Images)

    U.S. Capitol on Thursday. (Saul Loeb/AFP/Getty)

    In just a matter of hours, if Congress can’t come to a compromise, the federal budget will be slashed by $85 billion across the board. Unlike the fiscal-cliff negotiations, which also ran out the clock on New Year’s Eve, a last-minute deal does not look very likely. President Obama has called for the top lawmakers, John Boehner, Harry Reid, Nancy Pelosi, and Mitch McConnell, for a last-second negotiation, but after White House talks Boehner reportedly ruled out any suggestion of tax hikes and said now is the time to focus on spending. As an additional sign of their unwillingness to settle with the Senate, representatives left town for the weekend.

    Unless Obama can hash out an unlikely.

    Despite failing to make a deal to fend off the sequester, the House thought 2:07 p.m. on Thursday afternoon was a great time to start a three-day weekend.

    Read it at CNN