The across-the-board spending cuts took effect automatically after Congress failed to reach a budget deal.
The changes are part of the across-the-board spending cuts known as sequestration, which went into effect March 1.
The two sides have failed to reach an agreement to avert mandatory, across-the-board spending cuts that took effect Friday.
Mr Obama said the deep, across-the-board spending cuts had originally been designed to be so unattractive that they would spur politicians to work together.
Both parties cast blame on the other for the automatic, across-the-board spending cuts but gave little guidance on what to expect in the coming weeks.
Mr. Bernanke, in testimony before the Senate Banking Committee, called on Congress to avert looming across-the-board spending cuts that he said would damage a still-weak economy.
The budget deal struck at the start of the year dealt with taxes, but across-the-board spending cuts were pushed back from Jan. 1 to March 1.
The fiscal cliff includes automatic, across-the-board spending cuts set to trigger at the beginning of next year if Capitol Hill fails to work out a deficit-reduction plan.
This would be done in part by rolling back across-the-board spending cuts known as the sequester, replacing them with tax increases and spending cuts, primarily later in the decade.
President Obama's budget also replaces the across-the-board spending cuts known as the sequester with smarter ones, making long-term reforms, eliminating actual waste and programs that are no longer needed.
We have the deadlines bearing down on us related to automatic tax hikes that would occur and automatic across-the-board spending cuts that would occur if some sort of agreement isn't reached on that issue.
Another 22 percent have instituted across-the-board spending cuts.
His comments sought to increase pressure on Republicans and Democrats to reach agreement on deficit-reduction steps, thereby avoiding the across-the-board spending cuts of sequestration that were part of a 2011 deal that raised the federal debt ceiling.
But, amid dire warnings that the package of across-the-board spending cuts and tax increases could tip the US back into recession, lawmakers pushed back the spending cuts by two months, saying the delay would give them time to shape a larger budget deal.
The first is the fiscal cliff, which is extremely time-sensitive and has to do with December 31st deadlines that trigger, if Congress doesn't act, substantial tax increases for everyone, including the middle class, and that trigger across-the-board spending cuts, the combination of which would, by many estimates, not be very good for the economy.
The short-term increase in the borrowing cap is the brainchild of House Republicans, who wanted to re-sequence a series of upcoming budget battles, taking the threat of a potentially devastating government default off the table and instead setting up a clash in March over automatic across-the-board spending cuts set to strike the Pentagon and many domestic programs.
Weaker economies overseas and the impact of across-the-board government spending cuts have made businesses more cautious.
The latest crisis hit on Friday with across-the-board automatic spending cuts.
The across-the-board nature of the spending cuts has been well-noted.
Though the economy has brightened this year, it still faces threats, including across-the-board government spending cuts that took effect March 1 and are expected to trigger furloughs and layoffs.
The across-the-board cuts to federal spending that went into effect earlier this year are hitting air travel especially hard.
This year, however, across-the-board federal spending cuts will keep most ships out of port, naval officials said Thursday.
The group said it might revise its numbers upward if Congress passes legislation in the next few weeks that would prevent automatic across-the-board tax increases and government-spending cuts in the New Year.
Nothing happens until January 2013, when across-the-board cuts in most spending are scheduled to kick in.
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Many GOP lawmakers support the across-the-board cuts as the only way now open to reduce government spending.
But as you know, the across-the-board cuts are equally divided between non-defense and defense spending and would be onerous on both sides of that coin.
Across-the-board tax hikes and sharp spending cuts scheduled for January 1 in the US are likely to mean a higher rate of income tax for the most wealthy.
The cuts are mandated across-the-board in most discretionary spending areas.
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