Skip to comments.Obama signs law requiring report on spending cuts
Posted on 08/08/2012 5:13:41 AM PDT by TurboZamboni
WASHINGTONPresident Barack Obama has signed a law requiring him to report to Congress on where his administration would make some $110 billion in cuts to defense and domestic programs required by a deficit-cutting plan. The law, signed Tuesday, requires Obama to report on the proposed cuts by Sept. 6, the last day of the Democratic National Convention. Obama and congressional Republicans have been sparring over who is to blame for automatic, across-the-board spending reductions set to occur Jan. 2 unless Congress figures out a way to avoid them.
The cuts were set in motion by the failure of the bipartisan congressional supercommittee last November to produce $1.2 trillion in spending reductions.
(Excerpt) Read more at twincities.com ...
$110 billion in cuts to a $1.2 trillion spending problem is light years less than a rounding error but surely we all know that. It will be interesting though to see The Won's report.