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Automatic cuts will have to wait until midnight

3 years 7 months 1 day ago March 01, 2013 Mar 1, 2013 Friday, March 01 2013 March 01, 2013 9:28 AM in News
Source: Associated Press

WASHINGTON - The White House says automatic spending reductions set to kick in will be put off until as close to midnight Friday as possible.

Congress passed the law in January.

It says that "on March 1, 2013, the president shall order a sequestration for fiscal year 2013." That's budget talk for an $85 billion reduction in defense and domestic spending between now and Oct. 1.

Obama can issue that order at any point in the day.

And White House press secretary Jay Carney says that means midnight, Friday - or as close to midnight as possible.

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