No Sequester Deal, Spending Cuts to Take Effect – Chris Wolfe Reports

WASHINGTON (CNN) — Politics trumped progress on Friday as President Barack Obama and Republican leaders traded blame for $85 billion in forced spending cuts after they failed to come up with a compromise to avert the harshest impacts.

The mandatory, across-the-board cuts were set to begin taking effect once Obama signed an order required by law before midnight.

Obama and congressional leaders from both parties met for about 45 minutes at the White House, but no agreement emerged to avert the cuts that both sides oppose.

 

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