White House: Coming Budget Cuts Will Hit Economy

Automatic government spending cuts due to go into effect March 1 unless Congress acts to prevent them would bite deeply into programs affecting many Americans, such as law enforcement, small business assistance, food safety and tax collection, the White House said on Friday.

The administration urged Congress to blunt the effect of the reductions, which the White House said would slash non-defense programs by 9 percent across the board and defense programs by 13 percent, the White House said.

“These large and arbitrary cuts will have severe impacts across the government,” the administration said in a statement.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.