On Friday, $85 billion in automatic spending cuts are set to take effect if our elected officials fail to act. Over the next decade, a total of $1.2 trillion in government cuts to both domestic and defense spending are expected to impact the U.S. economy.
This is the sequestration process that was agreed to two years ago, which was supposed to be headed off before reaching this point, as The Daily Ticker Henry Blodget details in the accompanying clip with Yahoo! Finance senior columnist Michael Santoli.
Read more: While Sequester Looms, Congress Eyes Next Fiscal Deadline | Daily Ticker - Yahoo! Finance
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