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March 01, 2013

Obama signs 'sequestration' order

It's official.

President Barack Obama signed the 'sequestration order' that triggers $85 billion in automatic, across the board spending cuts.

The Office of Management and Budget sent the simple one-page document to Congress. Reporters were notified through an email from Press Secretary Jay Carney.

"By the authority vested in me as President by the laws of the United States of America, and in accordance with section 251A of the Balanced Budget and Emergency Deficit Control Act, as amended (the "Act"), 2 U.S.C. 901a, I hereby order that budgetary resources in each non-exempt budget account be reduced by the amount calculated by the Office of Management and Budget in its report to the Congress of March 1, 2013,'' it reads.

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