How it happened: Deadline day for the forced spending cuts
March 1st, 2013
08:53 AM ET
2 years ago

How it happened: Deadline day for the forced spending cuts

(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.
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Filed under: Congress • Debt • Deficit • President Obama
Spending cuts threaten military town's businesses
Government contracts related to Peterson Air Force Base in Colorado helps spur thousands of area businesses. (Photo by: U.S. Air Force/Airman First Class Jessica Hines)
March 1st, 2013
08:14 AM ET
2 years ago

Spending cuts threaten military town's businesses

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.

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Filed under: CNNMoney.com • Debt • Deficit • Military
The day that was never supposed to happen is here
March 1st, 2013
06:00 AM ET
2 years ago

The day that was never supposed to happen is here

(CNN) - Today is the day lawmakers have known about since August 2011: the day those forced federal spending cuts kick in.

This Friday is also a day many never expected would come. After all, the cuts known as sequestration were designed to be so draconian that lawmakers would be forced to compromise and avoid them.
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Filed under: Budget • Deficit
Senate rejects two proposals to avert forced spending cuts
February 28th, 2013
03:37 PM ET
2 years ago

Senate rejects two proposals to avert forced spending cuts

(CNN) - Two partisan-backed bills to avert the forced federal spending cuts failed as expected in the Senate on Thursday afternoon. Procedural votes on the plans fell short of the 60 votes required for either to move forward.

The Senate is now expected to adjourn for the weekend without a deal to avert the cuts, known in Washington as the sequester. The cuts are set to take effect Friday unless Congress and the President reach a deal.

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Filed under: Budget • Deficit • Senate
One day to cuts: What's Congress doing?
February 28th, 2013
12:20 PM ET
2 years ago

One day to cuts: What's Congress doing?

Washington (CNN) - There's only one day left before $85 billion in widely disliked spending cuts start to take effect. What are Congress and the president doing Thursday to deal with this self-inflicted crisis?

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Filed under: Budget • Congress • Deficit
Major unions launch new ad campaign aimed at Republicans
February 28th, 2013
07:00 AM ET
2 years ago

Major unions launch new ad campaign aimed at Republicans

Washington (CNN) - With the $85 billion in automatic spending cuts about to take effect, several major unions are launching a new ad campaign aimed at putting the blame on some leading congressional Republicans, including Senate Minority Leader Mitch McConnell of Kentucky.

They say there will be major problems if the cuts are not stopped.
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Filed under: Budget • Deficit
February 27th, 2013
10:45 PM ET
2 years ago

Obama: Spending cuts would be bad for business

(CNN) - President Barack Obama is taking his campaign against the forced federal spending cuts - set to take effect on Friday - before business leaders, telling them Wednesday evening that the cuts will be bad for their businesses and cause the economy to "tumble downward."

"Whether that can be done in the next two days," Obama said, pausing mid-sentence, then continuing, "I haven't seen things done in two days here in Washington in quite some time."
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Filed under: Budget • Deficit • President Obama • White House
February 27th, 2013
09:24 PM ET
2 years ago

Exchange between Bob Woodward and White House official in spotlight

(CNN) - An email exchange between two old Washington hands – one, a longtime journalist, and the second, a source in the Obama administration – is at the center of a political controversy Thursday as two sides read the messages differently.

The veteran journalist is Bob Woodward, who broke the Watergate scandal and wrote a book about the debt ceiling negotiations in the summer of 2011. The Obama administration source is Gene Sperling, a senior economic aide to President Barack Obama and a veteran of the Clinton administration.
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Filed under: Bob Woodward • Budget • Deficit • President Obama • TV-The Situation Room • White House
February 27th, 2013
07:50 PM ET
2 years ago

Video: Reporter says White House threatened him

(CNN) - Veteran journalist Bob Woodward said Wednesday he was threatened by a senior Obama administration official following his reporting on the White House's handling of the forced federal spending cuts set to take effect on Friday.

"They're not happy at all," he said on CNN's "The Situation Room," adding that an e-mail from a senior administration official – who he would not name – communicated a message which caused him great concern. "It was said very clearly, you will regret doing this," he said.

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Filed under: Budget • Deficit • TV-The Situation Room
Forced budget cuts lead to teacher layoffs in W. Virginia? Not quite.
February 27th, 2013
07:39 PM ET
2 years ago

Forced budget cuts lead to teacher layoffs in W. Virginia? Not quite.

Washington (CNN) - Education Secretary Arne Duncan says a West Virginia school district is laying off teachers due to deep spending cuts across the federal government set to take effect on Friday. But officials from that region say it's not true.

Duncan told reporters at the White House on Wednesday that the Kanawha County school system was already handing out pink slips in anticipation of the automatic cuts that, among other things, will impact the amount of federal money states get through September.
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Filed under: Budget • Deficit • West Virginia
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