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The Sequester Is Here...

This March 1, 2013 photo illustration Taken in Manassas, Virginia, shows the US Capitol on the back of the twenty USD bill. US President Barck Obama met Friday with US Speaker of the House John Boehner and Congressional leaders. Obama summoned congressional leaders in a bid to avert a damaging $85 billion in arbitrary budget cuts. Credit: AFP/Getty Images

Credit: Getty Images

WASHINGTON (TheBlaze/AP) -- President Barack Obama has signed an order authorizing the government to begin cutting $85 billion from federal accounts, officially enacting across-the-board reductions.

Obama acted Friday, the deadline for the president and Congress to avoid the steep, one-year cuts.

Obama has insisted on replacing the cuts, known as a "sequester" in government budget language, with tax increases and cuts spread out over time. There has been some disagreement over whose idea the sequester actually was. Veteran journalist Bob Woodward has made the case that it was actually the Obama's plan. Republicans have rejected any new plan that included tax revenue.

The government says the reductions will soon result in furlough notices to government employees and will trim government spending on defense contracts and in domestic government programs. Active military personnel and anti-poverty and low-income assistance programs are largely protected from the cuts.

Obama met with House Speaker John Boehner, Senate Majority Leader Harry Reid, Senate Republican Leader Mitch McConnell of Kentucky and House Democratic leader Nancy Pelosi to discuss the automatic budget cuts. Obviously, there was no breakthrough in negotiations.

Featured image via AFP/Getty

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