Automatic Spending Cuts Start Taking Effect Friday
Automatic spending cuts start taking effect sometime today. Roughly 85-billion dollars in across-the-board cuts have been mandated in a so-called sequester.
More than half the cuts will hit the Defense Department. Congressional leaders head to the White House this morning to talk with President Obama. The President has been urging lawmakers to take steps to avert the scheduled cuts.
However, the House and Senate adjourned for a long weekend yesterday without taking any action on the cuts.