President Barack Obama has signed an order authorising the government to begin cutting $85 billion from federal accounts, officially enacting across-the-board reductions that he opposed but failed to avert.
Mr. Obama acted on Friday, the deadline for the President and Congress to avoid the steep, one-year cuts.
Mr. 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 government said the reductions will soon result in furlough notices to government employees and will trim government spending on defence contracts and in domestic government programs. Active military personnel and anti-poverty and low-income assistance programs are largely protected from the cuts.
Keywords: US economy, Barack Obama, US spending cuts, sequester
Dear mani, It is not the US but the KSA, Kuwait and Bahrin who invited USA to save them from Sadam hussain.
US will save billions of dollars by keeping away from meddling in the internal affairs of other countries, bribing politicians, supporting rebel groups (suiting its political idealogies) and by creating manufacturing and service jobs at home instead of expoting the same to China, India, Pakistan, Bangladesh .....
US will save billions by naot acting as the chief constable of the world.
US will save billions by dismantling its military-industrial complex.
US will save billions by engaging the Muslim world in development activities and not by dividing it for the sake of oil.
By going into Iraq for no reason, US cost the world trillions of dollars and the world is paying excessive price for oil due to its folly.
Mr President, admit your mistakes and correct yourself, you will stand tall.
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