Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Evolution -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (33722)	3/2/2013 12:27:19 PM
From: Solon	1 Recommendation Read Replies (3) \| Respond to of 69300

There you go! You got the budget cuts you wanted! Now you can praise Obama! What a crazy crazy world! Obama says middle class to feel 'pain' of budget cuts Pentagon to be hit hardest by $85B in budget reductions cbc.ca U.S. President Barack Obama used his weekly online address Saturday to warn Americans who will be affected by $85 billion in government spending cuts, which are due to roll out gradually after Republicans and Democrats failed to reach a budget deal. “It's important to understand that while not everyone will feel the pain of these cuts right away, the pain will be real,” Obama said. “Many middle-class families will have their lives disrupted in a significant way. Beginning this week, businesses that work with the military will have to lay folks off," he said. "Communities near military bases will take a serious blow." WATCH: The CBC's Paul Hunter in Washington explains sequestration He went on to say that hundreds of thousands of Americans who serve their country on security matters — including border control agents, FBI agents, and especially civilians who work with the defence department — will see their wages cut and their hours reduced. There is talk that some employees will have to take furloughs, or unpaid days off. The White House has speculated that thousands of Federal Aviation Administration may have to take unpaid leave. On the domestic side, everything from health care and education to law enforcement and scientific research is expected to be affected by the budget cuts. The automatic across-the-board budget cuts — termed "sequestration" in Washington — were confirmed after Obama and congressional Republicans failed to strike a deal Friday to avert the reductions. RELATED: How U.S. spending cuts can hurt Canada The Pentagon will see the lion's share of the cuts, totalling $46 billion US through the end of this budget year, ending Sept. 30. Pentagon chief Leon Panetta warned Congress earlier this month that under the cuts, defence workers could lose one day of work per week, or 20 per cent of their pay, for up to 22 weeks. At a news conference after their morning meeting, Obama referred to "dumb, arbitrary cuts" and blamed the lack of a deal to avert them on a Republican refusal to agree to a new debt reduction plan that would include higher taxes on wealthy Americans through the closing of loopholes and deductions. Republicans said they wanted cuts, but not tax increases. "The president got his tax hikes on Jan. 1," House Speaker John Boehner told reporters, a reference to a $600 billion increase on higher wage earners that cleared Congress on the first day of the year. Now, he said after the meeting, it is time take on "the spending problem here in Washington."