An $85 billion dollar austerity time bomb was to detonate against the US economy Friday, as President Barack Obama blamed a Republican refusal to compromise for a failure to avert "dumb" spending cuts.
US President Barack Obama speaks to the media about sequestration in the Brady Press Briefing Room at the White House in Washington, DC, March 1, 2013. Obama on Friday branded the automatic budget cuts about to slam into the US economy "dumb" and "unnecessary" but blamed Republicans for the failure to avert them.
The slashing reductions in domestic and defense spending, brought on by deep ideological differences between Obama and top Republicans, threaten to further slow tepid economic growth and could cost hundreds of thousands of jobs.
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