02 March, 2013

CNN Breaking News

President Barack Obama signed an order triggering mandatory, government-wide spending cuts.

The cuts were included in a 2011 deal to raise the federal borrowing limit as an undesirable outcome if Congress failed to agree on a comprehensive deficit-reduction plan.

They amount to roughly 9% for a broad range of nondefense programs and 13% for the Pentagon over the rest of the current fiscal year, which ends on September 30. The full impact of the cuts isn't expected until April at the earliest.

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