A Storm Is Coming: Obama Formerly Orders ‘Deeply Destructive’ Cuts As We’re Heading Toward A Japanese-Style Depression. Peter Schiff: Obama Won’t Finish His Second Term Without The Bottom Dropping Out.
March 2nd, 2013
March Madness: Obama Formerly Orders ‘Deeply Destructive’ Cuts
President Barack Obama formally ordered broad cuts in government spending on Friday night after he and congressional Republicans failed to reach a deal to avert automatic reductions that could dampen economic growth and curb military readiness.
As the United States staggered into another fiscal crisis, the White House predicted that the spending cuts triggered by the inability of Obama and lawmakers to forge a broader deficit-reduction agreement would be “deeply destructive” to the nation’s economic and national security.
“Not everyone will feel the pain of these cuts right away. The pain, though, will be real. Beginning this week, many middle-class families will have their lives disrupted in significant ways,” Obama told journalists after his meeting with Republican and Democratic congressional leaders.
President Obama signs order forcing $85B in spending cuts as leaders FAIL to compromise on replacement plan
Peter Schiff: Obama Won’t Finish his Second Term Without the Bottom Dropping Out.