(CNN) – Lawmakers have known about this day since August 2011 - a day they say was never supposed to come - but nevertheless, it's here.
Starting Friday, the federal government is required by law to start cutting $85 billion from its budget over the next seven months, with a total of $1.2 trillion over the next decade.
New York (CNNMoney) - As Washington braces for automatic spending cuts, small businesses in the military town of Colorado Springs say they have been losing government business for months.
The general uncertainty facing federal agencies has trickled down to the companies that rely on federal contracts.FULL STORY
Washington (CNN) – We now have only two days left before $85 billion in widely disliked spending cuts start to take effect. So what's Congress doing Wednesday to deal with this self-inflicted crisis?
Congressional leaders saw President Barack Obama on the Hill.FULL STORY
(CNN) – Congressional leaders have been invited to the White House for a meeting at 10 a.m. ET Friday–the day forced spending cuts are scheduled to start taking effect, two sources said Wednesday.
But while President Barack Obama was on Capitol Hill Wednesday for a Rosa Parks statue unveiling, he met with congressional leaders for a brief, minute-long meeting.
(CNN) – Neither the White House nor the Homeland Security Department headquarters were made aware of the Immigration Customs and Enforcement decision to release detainees ahead of the pending forced spending cuts, an administration official said Wednesday.
Separately, at a press briefing, White House Press Secretary Jay Carney said the decision was made by ICE "without any input from the White House."
New York (CNNMoney) – When it comes to budgeting for the federal government, things are about to get strange.
Starting Friday, federal agencies will be forced to make cuts to their programs without knowing what their actual budgets for this year will be. Why? Because Congress never passed a budget, just a stopgap funding measure that expires soon.FULL STORY
(CNN) – With the clock ticking, President Barack Obama traveled to military country Tuesday to boost pressure on Congress, saying the automatic, across-the-board spending cuts set to begin Friday could deliver a tremendous blow to the nation's economy and defense.
"These cuts are wrong. They're not smart. They're not fair. They're a self inflicted wound that doesn't have to happen," Obama said at a campaign-style event at the site of a major defense shipbuilding contractor in Newport News, Virginia.
Washington (CNN) – Three days before forced spending cuts portrayed by most as an economic body blow, President Barack Obama and Republican rivals relied on spin versus substance Tuesday in trying to prod a deeply divided Congress into action to avert the harshest impacts.
Obama headed to military country in Virginia, where local residents will bear the brunt of mandatory cuts to defense spending, for a campaign-style event intended to highlight the negative situation.FULL STORY
Washington (CNN) – The economy is expanding again, Federal Reserve Chairman Ben Bernanke told Congress Tuesday, but he warned that what lawmakers do about the looming forced budget cuts could slow the upward trend.
The economy has picked up after an unexpected fourth quarter 2012 when growth was close to zero, he said in his twice-a-year report on monetary policy.FULL STORY
(CNN) – House Speaker John Boehner had some choice words Tuesday for his colleagues in the Senate over the forced spending cuts set to begin Friday.
Boehner, known for his at-times colorful language, said the House won't move a budget bill until the Senate "gets off their ass and begins to do something."