US budget cuts to kick in as Congress fails again | Bangkok Post: news

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US budget cuts to kick in as Congress fails again

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Leaders of a divided Congress failed to avert huge spending cuts set to begin Friday, with President Barack Obama trading blame with Republicans over the doomsday scenario that may lie ahead. 

US President Barack Obama speaks to members of the Business Council during a dinner February 27, 2013 in Washington, DC. Obama accused Republican rivals Thursday of threatening the fragile US economic recovery by failing to move forward on his deficit reduction plan before severe budget cuts kick in.

The only related actions of substance Thursday appeared to be votes on two competing bills, one sponsored by Democrats and the other by Republicans, to replace the budget austerity with targeted spending cuts and tax revenues.

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