February 16th, 2013
07:13 PM ET
10 years ago

Video: Bracing for big spending cuts

(CNN) - If Congress doesn't act by the end of the month, major spending cuts are set to trigger. CNN's Emily Schmidt reports how the everyday government services you depend on could be slashed.

Filed under: Budget • Fiscal Cliff
soundoff (8 Responses)
  1. Larry L

    The cuts shouldn't be a problem. We'll only rape our civil service force, lose food safety protection, have nobody monitoring our air, water, and soil for carcinogens, leave our planes and borders unsecured, and cause a recession with the loss of over 750,000 jobs... maybe even a depression. Those things are no problem for the Tea Party or the Koch brothers and Republicans naturally aren't worried about anybody else.

    February 16, 2013 07:26 pm at 7:26 pm |
  2. Thomas

    Ive never seen John A. Boehner look so happy .

    February 16, 2013 09:33 pm at 9:33 pm |
  3. Mode

    The US-Euro Zone free trade zone only makes sense if there is agreement on financial regulation. The USA and most of Europe (at least the major markets within the Euro) have transparent banks. The British and Swiss have confidential banks.
    The majority of the ponzi schemes which have wrecked both the US and European markets originated in confidential banks. These confidential banks created ponzi schemes by taking out loans without having any assets to back them and eventually began bundling real securities of lesser value together, so as to sell them as a security of superior worth: BBB mortgages bundled and by wave of a wand, a AAA security, suddenly–and other such schemes.
    Since we know confidential banks also bank for drug cartels, organized criminals of every kind, war criminals, terrorists and agencies like the CIA, we also know we don't want such people leveraging transparent markets as they have been. The only way to stop them from doing this is for the Dollar (fiat currency) to get an international standard.
    Since there isn't enough gold to back all the transactions made in Dollars, we need Treasury to build a new agency–something like the US Gold & Oil Exchange. After annexing the Strategic National Petroleum Reserve with Fort Knox, Treasury would then audit itself and buy and sell grand commodities like gold, oil, platinum, etc. Such trades could only be done in Dollars. On another floor in the same building, central banks would buy and sell Dollars such the Dollars they held were like leases on the grand commodities which could be bought and sold on the floor already mentioned.
    We need a fiat currency Dollar for the global market to exist. We need an international standard for the fiat currency to be protected from confidential banks which would undermine it and the free market. So, when we talk about a free trade zone between the USA and Euro Zone, lets first talk about how it would be financially regulated.

    February 16, 2013 11:14 pm at 11:14 pm |
  4. Ray E. (Georgia)

    Aw humm Let's See,
    The 1930's can't be far behind. You tryin to scare us Larry L. Better get a water bucket. Uh ,No you are way too late. The Liberals have burned Rome to the ground. But, hey, it's only money right? You think Sandy is a big mess, try Sequestration. Tell me, if some of you people are so smart, ehy aren't you rich ?? After 75 years of Big Social Programs why isn'r everything fixed ??

    February 17, 2013 09:54 am at 9:54 am |
  5. rs

    Brace for spending cuts, then the end of the Republican Party. After this little disaster, their brand will be so damaged they'll either cease to exist or go winless in elections until 2030 (or so)

    February 17, 2013 10:59 am at 10:59 am |
  6. rs


    The reason "government doesn't work" is that one party is having to do the heavy lifting on everything, while one party panders to 1% and does the bidding of lobbyists- and virtually zero in regards to leadership. If Republicans actually did something for America things would be different.

    February 17, 2013 11:02 am at 11:02 am |
  7. Ancient Texan

    rs- After 8 years of Obama, even YOU will be begging for some common sense conservative approaches to a fiscally sane America.

    February 17, 2013 11:30 am at 11:30 am |
  8. rs

    Not likely. Mr. Obama is just cleaning up after the LAST eight years "common sense conservative approaches" that laid waste to the economy. That the GOP continues its war on the American economy and the American worker is proof they are the ones with no clue.

    February 17, 2013 11:43 am at 11:43 am |