White House sequestration summit flops

03/1/2013 | Wall Street Journal, The · Reuters · FoxNews.com

The sequestration will happen as scheduled. President Barack Obama and congressional leaders held an eleventh-hour meeting today in an effort to forestall the automatic budget cuts scheduled to go into effect at midnight, but the summit failed to produce a deal. Republicans are holding to their line against any tax increases beyond those approved Jan. 1, while the White House wants a combination of budget cuts and revenue increases to address the budget deficit. Tonight's deadline means $85 billion in across-the-board cuts will take effect in discretionary programs, including defense, homeland security and food safety.

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