White House To Detail Spending Cuts
Next week, the Obama administration will detail to Congress where cuts will come if they can’t reach a spending agreement.
The automatic cuts, known as sequestration, total about $1.2 trillion through 2021 and were part of a deal between the White House and Congress made last year after talks on the U.S. debt crisis reached an impasse.
The cuts are intended to be so unsavory that Democrats and Republicans would both want to prevent them from occurring. They are to take effect on January 2 unless Congress reaches a deficit-reduction deal…
If the cuts are not changed or canceled by Congress, the spending reductions would take away about $55 billion from defense and $55 billion from other domestic programs in 2013.