U.S. Senate fails to avert budget cuts
March 1 , 2013
The U.S. Senate adjourned for the weekend on Thursday without having reached a deal to avoid massive automatic budget cuts.
The Senate rejected budget bills from both parties that aimed to curb the cuts and replace them with other deficit reduction measures.
In a bid to avert the situation, President Barack Obama has invited congressional leaders to the White House for negotiations.
If an agreement is not made, the budget cuts are scheduled to come into effect by 23:59 local time on Friday.
Obama has warned that the cuts will harm the American economy and middle class families.
In addition, the International Monetary Fund said they could impact global growth.
Between military and domestic programs, the spending cuts add up to $85 billion this fiscal year and $1.2 trillion over the next decade.
The cuts, known as the sequester, were designed in 2011 to further negotiations on the deficit.
Explore United States Fast Facts