20 Feb '11, 2am

US House cuts $61b in spending

WASHINGTON: Historic spending cuts approved Saturday by the US House of Representatives face a grim future in the Senate, raising prospects of a government shutdown and ramping up the public relations blame game. After a marathon floor debate running well past midnight, the Republican-controlled House voted to cut about $61 billion in government spending. The Barack Obama administration and leaders in the Senate, controlled by Democrats, immediately criticised the move. "The continuing opposition in the House would undermine and damage our capacity to create jobs and expand the economy," Treasury Secretary Timothy Geithner said at a news conference after a Group of 20 meeting in Paris. The government is presently funded through a stopgap spending measure expiring March 4, a result of congressional disagreement last year. A shutdown could delay Social Security checks, tax r...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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