Carlin: Wall Street Owns Washington

Reid: Spending cuts will happen


WASHINGTON (MarketWatch) — Senators on Tuesday sounded increasingly pessimistic about avoiding the automatic budget cuts set to kick in on Friday, predicting they’ll go forward absent an elusive deal on taxes.

“Until there’s some agreement on revenue I think we should go ahead with the sequester,” Senate Majority Leader Harry Reid, a Nevada Democrat, told reporters on Capitol Hill. Sen. Roy Blunt, a Missouri Republican, told reporters: “The spending cuts are going to happen.”

With $85 billion in across-the-board cuts to defense and domestic spending set to start in less than three full days, the parties spent Tuesday pointing fingers at each other instead of negotiating. President Barack Obama, speaking at Newport News Shipbuilding in Virginia, used his bully pulpit to urge a deal.

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