White House Budget Cuts Report is Late
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The White House will miss a deadline on where the administration plans to make automatic spending cuts next year, according to Federal News Radio:
The report is required under the Sequestration Transparency Act, which Congress overwhelmingly passed this summer and which the President signed on Aug. 7. The law directed the President to issue the detailed report within 30 days of signing it — a deadline that came this week and went unmet.
The administration plans to submit a report to Congress late next week, White House spokesman Jay Carney told reporters aboard Air Force One on Friday.
This delay only adds to the uncertainty surrounding the “fiscal cliff,” automatic spending cuts and tax increases set to happen in 2013.
Congress and the administration need to fix this before the automatic cuts and the tax increases (that were never intended to go into effect) wreak havoc on the economy.