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2013 Federal Budget debate

2013 Federal Budget debate

Defense Secretary Leon Panetta (R) talks with USMC Lt. Gen. Thomas Waldhauser (L) and Assistant Press Secretary Carl Woog (2nd L) before boardi
Defense Secretary Leon Panetta (R) talks with USMC Lt. Gen. Thomas Waldhauser (L) and Assistant Press Secretary Carl Woog (2nd L) before boardi
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Pentagon Notifies Congress Of Likely Furloughs

Defense Secretary Leon Panetta is telling Congress that if automatic budget cuts kick in on March 1 he may be compelled to furlough the "vast majority" of the Defense Department's 800,000 civilian workers.

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Surrounded by first responders who may be impacted by looming budget cuts, President Barack Obama speaks during an event at the Eisenhower Executive Office Building
Surrounded by first responders who may be impacted by looming budget cuts, President Barack Obama speaks during an event at the Eisenhower Executive Office Building (Win McNamee/Getty Images)
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Obama Warns Sequester Will Cause Job Losses

President Barack Obama is warning that "people will lose their jobs" if across-the-board budget cuts take effect as scheduled next week.

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MONEY-300x225
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Federal Budget Deficit Estimated at $854-Billion

A new government report is predicting the budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office.

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President Barack Obama holds a press conference
President Barack Obama holds a press conference about the next budget battle with Congress (Alex Wong/Getty Images)
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Obama Asks Lawmakers For Short-Term Sequester Fix [VIDEO]

President Barack Obama is asking Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to delay automatic spending cuts scheduled to kick in March 1.

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Speaker of the House John Boehner
Speaker of the House John Boehner (Chip Somodevilla, Getty Images)
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Boehner: GOP Won’t Approve More Tax Revenue [VIDEO]

House Speaker John Boehner says additional tax hikes are out of the question.

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