Skip to comments.U.S. lurches into new budget crisis,spending cuts imminent
Posted on 03/01/2013 5:21:34 PM PST by mdittmar
(Reuters) - The United States lurched into a new budget crisis on Friday as President Barack Obama and Republicans failed to agree on stopping broad spending cuts that could dampen economic growth and curb military readiness.
Put in place during a bout of deficit-reduction fever in 2011, the automatic cuts can only be halted by a deal between Congress and the White House.
As expected, talks at the White House on Friday were fruitless, meaning that government agencies will now begin to hack a total of $85 billion from their budgets between Saturday and October 1. Financial markets in New York shrugged off the stalemate in Washington.
Democrats predict the cuts, known as "sequestration," could soon cause air-traffic chaos, delays in food safety inspections and less aid to the homeless as hundreds of thousands of federal employees are forced to take furloughs.
(Excerpt) Read more at reuters.com ...
What budget would that be?
I didn’t know that cutting ~2% constitutes “hacking”!
what a load of BS....”a bout of deficit reduction fever”. who are these people and how do they get this stuff into print?
Always learn something new from those reuters reporters,didn't know federal employees gave so much to the homeless.
The irony is that if sequester were to go forward and significant spending cuts actually happened, the would be less debt, the economy would improve proportionately and Obama would promptly seize the credit.
I love the neutral verbiage:
U.S. lurches into new...crisis ...spending cuts imminent
...spending cuts that could dampen economic growth and curb military readiness
...a bout of deficit-reduction fever ...talks ...were fruitless...will now begin to hack...
the cuts...could soon cause...chaos, delays in...safety...less aid...homeless...
hundreds of thousands ...are forced to take furloughs.
I mean it’s $85 billion less in expected increases. What was wrong with last years budget?
The best thing about THE SEQUESTER is nothing will happen. It opens the door to even more cuts. Go Team!
I hate to say it, but bring back US jobs and stop exporting everything.
We will return US jobs. Or we will go BK. And it will happen far quicker than anyone realizes.
The GOP has already paid the price for supporting offshoring - by unelecting there very selves.
Stop it. Brink back US jobs. Now.
That is to say stop exporting jobs.
Bring back US jobs.
Sorry about that.
The TAXPAYERS get to KEEP $85,000,000,000 over the next 7 months....the only downside, in my opinion, is that the Assclown is choosing where the cuts go.
Why isn’t it a crisis when $6 TRILLION is added to the national debt?
whats that, a few weeks spending ??? luckily the rest of the dreaded sequestergeddon will only come once a yr for the next decade...
“I didnt know that cutting ~2% constitutes hacking!”
They should restore the 2% and cut the remaining 98% then. LOL
My research showed as this article does that many government agencies even the EPA will get 9% cut even before inflation. with inflation that is even a greater cut.
The following is a quote from this Fox news article .
Obama formally notifies government agencies that sequestration is in effect.Even if the budget for some of these gov agencies stayed the same that would be a cut because of inflation. see the military will get a 13% cut but those dollars will have even less value because of inflation so then they will be able to buy less tanks etc. because those dollars have less value even if budget stayed the same.
Sometime today the Office of Management and Budget will order all federal agencies to cut their budgets by around nine percent, except for the Pentagon which needs to cut defense programs by 13 percent.
Once Obama issues the sequestration order, Treasury Department officials will take offline the computers that process payments for school construction and clean energy bonds to reprogram them for reduced rates. Payments will be delayed while they are made manually for the next six weeks.
Employees at the Environmental Protection Agency will get e-mails notifying them that a forced furlough of up to 13 days lies ahead
At the Department of Housing and Urban Development, officials will spend the weekend mailing out letters to governors in all 50 states showing how much their grants will be reduced in the coming days and weeks.
Programs that dole out funding as an intermediary like public rent assistance, farm loans and food programs will see immediate cuts
Tell that to Freeper, Democrat_media. S/he thinks the sky is falling.
Sky not fall. Safe for man or beast. Come out of hole, please.
All i said it is good that the GOP held and that this sequester bs happened: it is good because for the first time ever they cut government(even if it's for a few months that these stupid goveernment agencies bugdget is cut that is a first).
wf , get in contact with reality
D_m, get over yourself.
Listen to others for a change, if you ever want to be taken seriously.
Sorry about that. My response was tongue in cheek. You sound very reasonable. ;-]