President Obama and congressional leaders today failed to reach a breakthrough to avert a sweeping package of automatic spending cuts, setting into motion $85 billion of across-the-board belt-tightening that neither had wanted to see.
Obama met for just over an hour at the White House today with Republican leaders House Speaker John Boehner and Senate Minority Leader Mitch McConnell and his Democratic allies, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Vice President Joe Biden.
But the parties emerged from their first face-to-face meeting of the year resigned to see the cuts take hold.
"This is not a win for anybody," Obama lamented in a statement to reporters after the meeting. "This is a loss for the American people."
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Officials have said the spending reductions immediately take effect Saturday but that the pain from reduced government services and furloughs of tens of thousands of federal employees would be felt gradually in the weeks ahead.
Federal agencies, from Homeland Security to the Pentagon, Internal Revenue Service to the Department of Education, have all
So now what? Already 800,000 defense department employees have been notified they face furloughs – forced take one unpaid day-off per week --
And the department of Homeland Security has already released hundreds of undocumented immigrants who had been in jail awaiting deportation proceedings.
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The administration has also warned in the coming weeks of flight delays, kids to be thrown off Head Start, and criminals set free due to lack of federal prosecutors.
"It is absolutely true that this is not going to precipitate the crisis" that would have been caused by the so-called fiscal cliff, Obama said. "But people are going to be hurt. The economy will not grow as quickly as it would have. Unemployment will not go down as quickly as it would have. And there are lives behind that. And it's real."
The sticking point in the debate over the automatic cuts -- known as sequester -- has remained the same between the parties for more than a year since the cuts were first proposed: whether to include more new tax revenue in a broad deficit reduction plan.
The White House insists there must be higher tax revenue, through closure of tax loopholes and elimination of some deductions, predominantly for wealthier Americans and corporations. Republicans seek an approach of spending cuts only, with an emphasis on entitlement programs. It's a deep divide that both sides have proven unable to bridge.
"This discussion about revenue, in my view, is over," Boehner told reporters after the meeting. "It's about taking on the spending problem here in Washington."
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Any elimination of tax loopholes or deductions should be part of broader tax code overhaul aimed at lowering tax rates overall, Boehner said, not to offset spending cuts in the sequester.
Obama argued that he's willing to "take on the problem where it exists, on entitlements, and do some things that my own party doesn't like."
But he says Republicans must be willing to eliminate some tax loopholes as part of a deal.
"They refuse to budge on closing a single wasteful loophole to help reduce the deficit," Obama said. "We can and must replace these cuts with a more balanced approach that asks something from everybody.
"In the coming days and weeks I'm going to keep on reaching out to them, and say to them, 'Let's fix this,'" he continued. "Not just for a month or two, but for months to come."
Meanwhile, another deadline looms on the horizon: how to fund the federal government after March 27, or face a shutdown.
Both sides pledged to move ahead next week with plans to avert that possibility, even as the gridlock over the automatic spending cuts still stands.
Obama, Congress Fail to Avert Sequester Cuts
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Obama, Congress Fail to Avert Sequester Cuts
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