White House Finally to Detail $1.2 Trillion 'Fiscal Cliff' Cuts

Friday, 07 Sep 2012 07:02 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The Obama administration plans to deliver a report to Congress late next week that details spending cuts that will be required if congressional leaders fail to reach a deficit reduction deal by year end.

White House spokesman Jay Carney told reporters traveling to New Hampshire on Air Force One that the administration would provide details of spending cuts later than planned. Under a law signed on Aug. 7, President Barack Obama had 30 days to inform Congress of how billions of dollars in automatic spending cuts would be carried out.

"Given the time needed to address the complex issues involved in preparing the report, the administration will be submitting that report to Congress late next week," Carney said.

Republican House of Representatives Speaker John Boehner said the delay showed Obama's refusal "to level with the American people." He added that the president, fresh from attending the Democrats' national convention, had "put his own election campaign ahead of the interests of the country."

The automatic cuts, known as sequestration, total about $1.2 trillion through 2021 and were part of a deal between the White House and Congress made last year after talks on the U.S. debt crisis reached an impasse.

The cuts are intended to be so unsavory that Democrats and Republicans would both want to prevent them from occurring. They are to take effect on Jan. 2 unless Congress reaches a deficit-reduction deal.

"No amount of planning changes the fact that sequester would have devastating consequences," Carney said. "We need to deal with our fiscal challenges in a balanced way."

If the cuts are not changed or canceled by Congress, the spending reductions would take away about $55 billion from defense and $55 billion from other domestic programs in 2013.

Democrats insist that Republicans agree to tax increases for higher-income earners in exchange for changing certain defense cuts, while Republicans oppose any tax increases. There are no current deficit-reduction steps that have gained support to avoid the cuts.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sen. Mark Udall: 'I Absolutely Stand By' Call for CIA's Brennan to Resign

Monday, 01 Sep 2014 21:58 PM

Central Intelligence Agency Director John Brennan may have avoided losing his job over charges that the CIA spied on Sen . . .

US Forces Carry Out Operation Against Al-Shabaab in Somalia

Monday, 01 Sep 2014 20:44 PM

U.S. military forces carried out an operation on Monday against al Shabaab militants in Somalia, a U.S. Department of De . . .

'Time' Mourns Dwindling Numbers of 'Social Justice' Nuns

Monday, 01 Sep 2014 20:39 PM

A Time magazine article bemoans the stark decline in the number of "social activist" women religious in the U.S. today,  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved