America is bracing for across-the-board federal spending cuts, known as a sequester, that will automatically begin Friday.
“They will slow our economy. They will eliminate good jobs. They will leave many families who are already stretched to the limit scrambling to figure out what to do,” President Barack Obama warned.
The president has urged Congress to pass an alternative deficit-reduction package of targeted spending cuts and revenue hikes.
“These cuts do not have to happen. Congress can turn them off anytime with just a little compromise. They can pass a balanced plan for deficit reduction,” he noted.
But Republicans reject additional tax revenue, arguing the root of America’s fiscal imbalance is runaway spending.
“The sequester will be in effect until there are cuts and reforms that put us on a path to balance the budget over the next 10 years, period!” House Speaker John Boehner announced.
As budget cuts loom, Democrats and Republicans are blaming each other. Fear of voter anger over slashed government services has yet to spur a bipartisan substitute for the sequester.
1. across-the-board adj. 全面的
It would institute across-the-board spending cuts from 2014 should the national debt continue to grow faster than the economy.
2.runaway spending 失控的开支
And America would have to take the hardest hit of all if it had continued with runaway spending.
3. loom vi. 可怕地出现；朦胧地出现；隐约可见
The specter of war loomed ahead.