Democrats and Republicans in the U.S. Congress are nowhere neara plan to avert $1.2 trillion in spending cuts about two weeksbefore they are set to begin.
It's the latest in a series of fiscal deadlines created byCongress that in the past two years took the U.S. to the brink of adebt default, a government shutdown and middle-class tax increasesthat neither party wanted. Unless lawmakers act, theacross-the-board spending reductions will begin March 1.
Leaving the cuts in place would shave U.S. economic growth thisyear by 0.6 percent and cost 750,000 jobs by the fourth quarter,Congressional Budget Office Director Doug Elmendorf said yesterdayat a hearing.
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