Forced spending cuts to take effect today

WASHINGTON, D.C. (CBS) - Today's the day the government begins slashing its budget.

The government has to cut $85 billion dollars in across-the-board budget cuts from now through the end of the fiscal year. The President has until midnight to sign the order which will kick off the deductions.

But first, he will host Democrat and Republican congressional leaders for a discussion about how to move beyond the impasse to repeal the cuts. But don't expect any legislation this weekend because congress has adjourned until Monday.


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