US president Barack Obama has signed an order that starts putting into effect steep across-the-board budget cuts, after he and congressional leaders failed to find an alternative budget plan. The cuts, known as the "sequester," will hack $85bn off the US federal budget between Saturday and October 1. The government says the reductions will soon result in furlough notices to government employees and will trim government spending on defense contracts and in domestic government programs. Active military personnel and anti-poverty and low-income assistance programs are largely protected from the cuts. Obama said the cuts were "dumb and arbitrary," and he blamed them on the Republicans, adding that it could take a couple of weeks or a couple of months to reach a deal. Democrats want to end certain tax breaks for the wealthy to raise revenue. Republicans reject tax hikes of any kind. US president on Friday urged legislators to extend the "continuing resolution" that would fund most government operations beyond the current expiration date; failure to do so would shut down the government. "I think that's preventable," Obama said of the threat of a shutdown, after meeting congressional leaders briefly at the White House.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor