US leaders squabble despite warnings on budget cuts

US President Barack Obama on Tuesday, February 26, warned of potential devastation from looming spending cuts, but the bickering in Washington suggested lawmakers are too far apart to strike a timely compromise. Even as the Federal Reserve chairman sounded the alarm 72 hours before $85 billion in sequester cuts begin to bite, the president’s top Senate ally said he would prefer the budget ax to a deal that did not raise new tax revenues.

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