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Federal budget cuts go into effect Friday if Congress doesn't agree on a deal

8:16 AM, Feb 28, 2013   |    comments
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Washington, D.C. - We are counting down the hours until federal budget cuts go into effect. While there doesn't appear to be any hope the two sides will find a solution before the deadline, it seems they can agree on one thing: across-the-board budget cuts will kick in Friday.

Time is running out for Congress to find a way to avoid $85 billion in cuts.

Senate Democrats will offer a plan Thursday, but Republicans are likely to reject it because along with spending cuts, it includes revenue from closing tax loopholes.

And on the other side, a Republican bill proposed Thursday isn't likely to pass either. It would give the President flexibility to decide where to make spending cuts, but does not bring in any new revenue.

Leaders from both parties will meet with the President at the White House Friday.  There is not a lot of optimism about seeing any movement from this meeting.

CBS News is reporting the sequestration starts when President Obama signs an order some time - anytime - on Friday.

Follow 10 News Anchor Allison Kropff on twitter @AllisonKropff

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