Sequester Bill Cuts 85 Billion Dollars in Federal Spending
WASHINGTON - Severe spending cuts are now the law of the land, and millions of people may soon feel their effects.
Late Friday night, President Obama signed the so-called sequester bill that cuts 85 billion dollars in federal spending.
As a result, 800,000 civilian defense department employees can expect to get furlough notices at the end of the month.
Meanwhile, republicans and democrats blame each other for not avoiding the arbitrary, across-the-board budget cuts.
President Obama said of the cuts - "these cuts are not smart. They will hurt our economy and cost us jobs."
Republican representative Cathy McMorris says "in the last year, the House of Representatives has passed two proposals to replace the President's sequester with smarter spending cuts."
Republicans and Democrats have pledged to retroactively undo the budget slashing.
While the sequester is described as "across-the-board-cuts" it doesn't touch everything.
Social security benefits, medicare benefits and VA programs are exempt.
- Congress Agrees to Spend Billions on Sandy Recovery
- Senate Panel Approves $631 Billion Defense Bill
- Federal Agency Spending Is Questioned
- Poll: Millionaire Tax Popular, Spending Cuts Too
- Discussions Continue Over Federal Budget Cuts
- "Sequestered" Budget Cuts Affect UF
- Congress sends payroll tax cut bill to Obama
- Senate Rejects Dem, GOP Business Tax Cut Bills
- Congress Sends Payroll Tax Cut Bill To President
- City Wants Your Feedback On Spending Millions Of Dollars