President Obama and congressional leaders huddled in the Oval Office on Friday morning but the last-ditch effort failed to produce a compromise to forestall $85 billion in automatic spending cuts all sides say they want to avoid.
The meeting, which lasted less than an hour, yielded no new plan to dodge a series of across-the-board budget cuts due to begin hitting most federal agencies and programs at midnight Friday.
Source: LA Times. Read full article. (link)