WASHINGTON – President Barack Obama and congressional Republicans refused Saturday to concede any share of the blame for failing to stave off automatic spending cuts that will slash $85 billion in federal spending.
The still-fragile U.S. economy braced itself for the gradual but potentially grave impact of the across-the-board cuts, which took effect Friday night at the stroke of Obama’s pen. Hours earlier, he and congressional leaders emerged from a White House meeting no closer to an agreement.
Even as Democrats and Republicans pledged a renewed effort to retroactively undo the spending cuts, both parties said the blame for any damage the cuts might inflict rests squarely on the other. There were no indications that either side was wavering from entrenched positions that for weeks had prevented progress on a deal to find a way out: Republicans refusing any deal with more tax revenue and Democrats snubbing any deal without it.