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a $11.7 trillion debt...
Sweeping U.S. government spending cuts totalling $85 billion begin taking effect Friday, slicing deeply into military and other programs in an unwanted move toward austerity that displays Washington's paralyzing partisan divisions.
The cuts are kicking in after the White House and congressional Republicans could not overcome bitter disagreements and come up with a better plan to tackle the country's $11.7 trillion debt. The warring sides have spent this week assigning blame rather than seeking a way out, and rival Democratic and Republican measures to modify the cuts failed in the Senate on Thursday.
http://www.cbc.ca/news/world/story/2013/03/01/us-budget-cuts.html
- By Gus Leonisky at 1 Mar 2013 - 5:18pm
- Gus Leonisky's blog
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welcome to the richocracy...
The US Congress has adjourned for the weekend without reaching a deal to avert steep automatic budget cuts.
The cuts, worth $85bn (£56bn), are due to take effect on Friday. Democrats and Republicans are blaming each other for the deadlock.
President Barack Obama has invited congressional leaders to the White House for negotiations.
Mr Obama warned that the cuts will harm the economy. The IMF said they could have a global impact on growth.
On Thursday budget bills from both parties were defeated in the Senate.
The president accused Senate Republicans of allowing the cuts to proceed rather than "closing a single tax loophole that benefits the well-off and well-connected".
http://www.bbc.co.uk/news/world-us-canada-21610813