February 19th, 2013
09:12 PM ET

Obama, GOP clash over looming 'spending cuts'

The United States is now just 10 days away from Washington's latest deadline for forced across-the-board spending cuts - otherwise known as "sequester."

President Obama said something must be done.

"These cuts not smart, they are not fair, they will hurt our economy, the will add hundreds of thousands of Americans to the unemployment roles. This is not an abstraction. People will lose their jobs," Obama said.

Erin Burnett highlights two solutions:

  • Lawmakers find another way to punt - delaying the cuts for another few months
  • The President and Congress come up with a big plan to slash the debt in this country

Burnett says option number one has a decent chance of success citing the feared "forced cuts" or sequester are just 2.5% of projected total federal spending.

OutFront tonight: Daniel Altman, economics professor at New York University and Doug Holtz-Eakin, former director of the Congressional Budget Office.

Filed under: Economy • News • Sequestration
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