Obama Cautions Hill Over 'Deeply Destructive' Budget Cuts

Law360, New York (September 14, 2012, 6:25 PM EDT) -- President Barack Obama on Friday warned Congress of "deeply destructive" budget reductions, including $54.7 billion in annual defense spending and $11 billion in Medicare funding, set to take effect in January if legislators fail to agree on a fiscal compromise.

In a 394-page report sent to Congress, the president detailed the deep monetary cuts that will go into effect under sequestration — which the administration called a "blunt and indiscriminate instrument" — if the legislative branch fails to come up with a plan to reduce the...
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