The 'Supposed' Day of Reckoning is Here

Today is the day the $85 Billion in automatic spending cuts, known as the Sequester, are to take effect.  The President, during a press conference this morning, essentially stated that there was no deal on the immediate horizon to avoid the cuts. He also blamed Republicans and their refusal to close tax loopholes for corporations and the wealthy as the main reason a deal was not reached.

Republicans, meanwhile, have continued to put the blame on the President.  They point out that the Sequester was his idea in the first place, and point out that they have already allowed taxes to go up as a part of the so-called "Fiscal Cliff" deal back in December, where taxes for folks making over $400,000 a year went back to Clinton-era levels.  They insist that any deficit reduction must come from entitlement reform.

CNN has a short piece about the bickering between the parties over the Sequester, including a little about the deals on the table, and the lawmakers' takes on those deals.  Click on the link below to read the CNN piece.

Countdown to Spending Cuts: A Matter of Hours