WASHINGTON (AP) — A White House report is warning that $110 billion in across-the-board spending cuts would be "deeply destructive" to the military and core government responsibilities like patrolling U.S. borders and air traffic control if they aren't canceled before they take effect in January.
The report says the automatic cuts were mandated by the failure of last year's congressional deficit "supercommittee" to strike a deal and would require across-the-board trims of 9 percent to most Pentagon programs and 8 percent to many domestic programs.
The cuts, combined with the expiration of Bush-era tax cuts at the end of the year, have been dubbed the "fiscal cliff." Economists warn that the one-two punch could drive the economy back into recession.
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