Barring a last-minute deal that at the moment seems unlikely, months of brinkmanship are set to culminate on Friday.
The sequester — $85 billion worth of across-the-board cuts in federal spending — will begin to kick in, with potentially serious economic consequences, including federal furloughs and the slashing of programs.
Here are three stories we've plucked from the ether that should give a good picture of what's going on as we approach sequester D-Day:
NPR's business news starts with a new economic forecast.
(SOUNDBITE OF MUSIC)
INSKEEP: The latest survey of economic forecasters by the National Association of Business Economics predicts 2 percent growth this year. That is down from last year's 2.2 percent. The current budget battle in Congress is partly blamed for slowing the economy now.
The survey goes on to say that next year could be better if budget issues are resolved by then. Transcript provided by NPR, Copyright NPR.
Originally published on Mon February 25, 2013 8:01 am
With less than a week before the across-the-board-spending cuts go into effect, Republicans and Democrats are sounding off about the sequestration.
"There's easy ways [sic] to cut this money that the American people will never feel," Rep. Tom Coburn, R-Okla., said on Fox News Sunday. "What you hear is an outrage because nobody wants to cut spending ... and it will be somewhat painful, but not cutting spending is going to be disastrous for our country."
This is WEEKEND EDITION from NPR News. I'm Rachel Martin.
Yet another federal budget crisis is on the horizon. This Friday, March 1st, is the day that massive, across-the-board federal spending cuts will take effect unless Congress agrees on a new budget deal. Some analysts say the cuts, also known as the sequester, could drag the economy back into recession.