Excerpt
SUMMARY: Should Congress fail to pass a deficit reduction plan by the end of the year, the 2011 Budget Control Act will trigger budget cuts of $1.2 trillion, evenly split between defense and non-defense spending. The result has been a political brawl on the campaign trail and between the political parties. Margaret Warner reports.
JUDY WOODRUFF (Newshour): There's a familiar ring to this next story. Congress still has not agreed on how to balance the federal budget, and there's a deadline approaching.
Margaret Warner explains the latest skirmish.
MAJORITY LEADER SEN. HARRY REID (D-Nev.): I want to also say a word or two about sequester.
MAN: Those who would be affected by the sequester.
MARGARET WARNER (Newshour): Sequester, it's been the bipartisan buzzword of choice lately.
The term refers to across-the-board budget cuts that take effect January 2, if lawmakers can't produce a comprehensive deficit reduction package before then. The measure was part of the Budget Control Act passed by both houses of Congress and signed by President Obama a year ago.
The sequestration axe would slice $54 billion from defense and an equal amount from domestic programs from Head Start to the Border Patrol next year, with more to follow. Though the troops themselves are exempt, the looming defense cuts have kicked up a political firestorm, on full display Wednesday at a House Armed Services Committee hearing.
The Office of Management and Budget's acting director, Jeffrey Zients, sparred with Republican Congressman Randy Forbes of Virginia.
COMMENT: All because Republicans REFUSE to talk about the revenue side of the equation (aka the taxes needed).
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