President Obama said that he hoped to work with members of both parties in Congress to stop the damaging impact of the $85 billion in automatic spending cuts that officially began on Friday.

In his weekly address Saturday, Obama noted that he met with the leaders of both parties Friday to try to find a way forward in light of the severe budget cuts, known in Washington as “the sequester,” that have already begun to take effect and promise to cause economic pain in communities across the country as the year progresses. The $85 billion in automatic spending cuts are scheduled to hit both defense programs and discretionary spending programs, with a few programs exempted, such as Social Security.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access