TPM
On Friday, the Obama administration released a report documenting the
myriad consequences of across the board cuts to both domestic and
defense spending -- known as sequestration -- that are scheduled to
occur early next year.
The report comes pursuant to a requirement Congress included in recent legislation, which President Obama signed into law.
"Instead of working to enact a balanced deficit reduction package to
avoid the threat of sequestration, some Members of Congress are focusing
on unbalanced solutions that rely solely on spending cuts or try to
alter only part of the sequestration," the report reads. "These
proposals do notrepresent realistic, fair, or responsible ways to avoid
sequestration. Unlike the President’s proposals, they are sharply
contrary to the conclusions of numerous independent and bipartisan
groups that recommend a comprehensive, balanced deficit reduction
package comprised of both spending cuts and revenue increases." ..........................
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