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Congress No Closer To Compromise; Budget Cuts To Begin Tomorrow
Time is running out for Congress to find a way to avoid 85-billion dollars in across the board spending cuts which will begin tomorrow.
President Obama has softened his language about the impact of the across-the-board budget cuts which kick in tomorrow.
"This is not a cliff, but it is a tumble downward," said President Obama.
Still, he warned a group of business leaders in Washington, D.C. Wednesday night that the cuts will hurt.
"This is going to be a big hit on the economy," said the President.
Both sides do seem to agree on one thing, the cuts will begin tomorrow. Each side blames the other for a lack of action.
"They prefer to keep it alive as a political ploy," said Minority Leader Mitch McConnell.
Senate democrats will offer up a plan today, but republicans are likely to reject the bill because along with spending cuts, it includes new revenue from closing tax loopholes.
"All we're offered is a gimmicky tax hike that's designed to fail," said Senator McConnell.
And a republican bill being proposed today isn't likely to pass either.
It gives the president flexibility to decide where to make spending cuts, but does not bring in any new revenue.
"At some point, hopefully soon, Republicans will understand the need to compromise here," said White House Press Secretary Jay Carney.
Congressional leaders from both parties meet with the President at the White House tomorrow.
They spoke briefly at the unveiling of the Rosa Parks statue here on Capitol Hill Wednesday.
But, if the faces of the President and House Speaker John Boehner during the conversation are any indication of compromise, it is not in their sights.
The non-partisan congressional budget office released a report late Wednesday night which said that the democrats plan would raise the deficit tens of billions of dollars through the end of the budget year.