"Washington sure isn't making it easy" for the American people and the American economy, President Obama told reporters late Friday morning as he and other lawmakers failed to reach a deal to avert $85 billion worth of automatic "sequester" spending cuts due to start at the end of the day.
President Obama and Congressional leaders met at the White House Friday morning and, just as pundits predicted, they could not reach a deal to avert the $85 billion in automatic spending cuts set to begin at the end of the day. We've posted on that news:
President Obama minced no words when he talked about how the looming budget cuts known as sequestration could hurt the Justice Department.
"FBI agents will be furloughed. Federal prosecutors will have to close cases and let criminals go," Obama said.
Starting late Friday, if Congress and the White House can't come to an agreement, the Justice Department will face $1.6 billion in cuts — about 9 percent of its budget. Attorney General Eric Holder told a group of state law enforcement officials who met in Washington this week that the situation looks ugly.
After years of tax cuts and a big hike in defense spending, deficits were rising. Then came a bitter battle over the debt limit. Three senators came up with a plan: Unless Congress and the White House could get the deficit under control, this thing called "sequestration" would do it for them.