The chances of a last-minute deal in the latest US tax and spending crisis appeared to be receding after Republican leaders said no new compromise would be tabled in talks at the White House scheduled for Friday.
Draconian cuts to the US budget are scheduled to kick in at midnight Friday, with the White House warning it will lead to teachers being laid off, defence orders scrapped, air travel delays, vaccine projects shelved and border security reduced.
The cuts stem from the latest clash between Barack Obama and Republicans in Congress over tax and spending. The difference this time is that neither Obama nor the Republicans are actively seeking the usual last-minute deal and Washington is braced for a prolonged stand-off in the so-called "sequester" crisis.
Source: The Guardian. Read full article. (link)