World Bulletin/News Desk
The Obama administration plans to deliver a report to Congress late next week that details spending cuts that will be required if congressional leaders fail to reach a deficit reduction deal by year end.
White House spokesman Jay Carney told reporters traveling to New Hampshire on Air Force One that the administration would provide details of spending cuts later than planned. Under a law signed on Aug. 7, President Barack Obama had 30 days to inform Congress of how billions of dollars in automatic spending cuts would be carried out.
"Given the time needed to address the complex issues involved in preparing the report, the administration will be submitting that report to Congress late next week," Carney said.
Republican House of Representatives Speaker John Boehner said the delay showed Obama's refusal "to level with the American people." He added that the president, fresh from attending the Democrats' national convention, had "put his own election campaign ahead of the interests of the country."
The automatic cuts, known as sequestration, total about $1.2 trillion through 2021 and were part of a deal between the White House and Congress made last year after talks on the U.S. debt crisis reached an impasse.
The cuts are intended to be so unsavory that Democrats and Republicans would both want to prevent them from occurring. They are to take effect on Jan. 2 unless Congress reaches a deficit-reduction deal.
"No amount of planning changes the fact that sequester would have devastating consequences," Carney said. "We need to deal with our fiscal challenges in a balanced way."
If the cuts are not changed or canceled by Congress, the spending reductions would take away about $55 billion from defense and $55 billion from other domestic programs in 2013.
Democrats insist that Republicans agree to tax increases for higher-income earners in exchange for changing certain defense cuts, while Republicans oppose any tax increases. There are no current deficit-reduction steps that have gained support to avoid the cuts.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze