President Barack Obama pause as he speaks to reporters in the White House briefing room in Washington, Friday, March 1, 2013, following a meeting with congressional leaders regarding the automatic spending cuts.
WASHINGTON (AP) — President Barack Obama has signed an order authorizing the government to begin cutting $85 billion from federal accounts, officially enacting across-the-board reductions that he opposed but failed to avert.
Obama acted Friday, the deadline for the president and Congress to avoid the steep, one-year cuts.
Obama has insisted on replacing the cuts, known as a “sequester” in government budget language, with tax increases and cuts spread out over time. Republicans have rejected any plan that included tax revenue.
The Sequestration Order
- International corporations that want to intimidate countries have access to a private legal system designed just for them. And to unlock its power, sometimes all it takes is a threat.
- Apple has to repay up to €13 billion ($14.5 billion) in illegal tax benefits to Ireland, the European Commission has ruled.
- Some of Europe's most vulnerable children are seeking refuge in the UK only to disappear from care and possibly fall into the clutches of people-traffickers.