1. It's Here

    Sequester Cuts Take Effect

    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)

    You get the feeling they wanted this to happen: President Obama formally ordered the sweeping budget cuts known as the “sequester” into effect late Friday night after a final attempt to find common ground between the two parties failed. The $85 billion in cuts to government spending will hit everything from Medicare to the defense budget, and could send the country into a second recession. The cuts go into effect because Obama and Republican leadership couldn’t reach an agreement to stop them: Obama insisted on higher tax revenues while the GOP refused to accept even slight tax increases. The same old story, this time without a last-second happy ending.

    After final attempt at solution fails.
    Read it at The Washington Post