Obama signs order to begin spending cuts

Obama signs order to begin spending cuts

Credit: Getty Images

WASHINGTON, DC - DECEMBER 31: U.S. President Barack Obama delivers remarks about the fiscal cliff negotiations in the Eisenhower Executive Office Building next to the White House December 31, 2012 in Washington, DC. Obama said he was hopeful that an agreement could be found to avert the fiscal cliff in Congress, which is closing in on a deal that would raise taxes on households that make more than $450,000 a year and individuals who make more than $400,000. (Photo by Chip Somodevilla/Getty Images)

Print
Email
|

wwltv.com

Posted on March 1, 2013 at 9:06 PM

Updated Friday, Mar 1 at 10:13 PM

WASHINGTON (AP) — President Barack Obama has signed an order authorizing the government to begin cutting $85 billion from federal accounts, officially enacting across-the-board reductions that he opposed but failed to avert.

Obama acted Friday, the deadline for the president and Congress to avoid the steep, one-year cuts.

Obama has insisted on replacing the cuts, known as a "sequester" in government budget language, with tax increases and cuts spread out over time. Republicans have rejected any plan that included tax revenue.

The government says the reductions will soon result in furlough notices to government employees and will trim government spending on defense contracts and in domestic government programs. Active military personnel and anti-poverty and low-income assistance programs are largely protected from the cuts.

 

Print
Email
|