• Obama’s Next Financial Fight: The Sequester

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    The Newtown Massacre triggered President Barack Obama‘s gun control fight. And the staggering growth in the number of illegal residents spurred Obama’s quest for immigration reform.

    But a potentially more important political battle lies ahead for Obama, one that could force drastic automatic cuts to the domestic programs millions depend upon for survival: the sequester.

    SEE ALSO: Obama Pressures GOP To Avoid Sequester

    For now, Obama is looking for a short-term resolution that will keep the government funding flowing. Meanwhile, Republicans in Congress seem set to allow the deadline to pass in less than two weeks and let the forced budget trimming begin.

    The possible cuts could start March 1 and would be the first of a massive $1.2 trillion budget cut that would phase in over the next 10 years.

    The President and his Democratic supporters say the cuts will unfairly hit poor and middle class America, with some estimating that more than 700,000 jobs could be lost in the cuts.

    Congressional Republicans say that Obama has spent too much time planning to raise taxes on their ranks (re: wealthy folks) instead of looking to trim fat from the federal budget.

    It’s likely that both sides have some merit to their arguments.

    Still, there is no doubt that poor folks will feel the slash of the budget cutting ax far more than wealthy folks who can lean on their savings and stock portfolios.

    But we all know there is plenty of fat in the federal budget that could be better spent: how many times have we seen stories about nonsensical federally funded studies pouring millions in to the mating life of the sea otter or some such drivel?

    The sequester fight pits the age-old philosophies of the two major political parties in a battle to the death.

    In basic terms, Democrats want a larger, more active government with the wealthy among us paying their fair share. Republicans, on the other hand, want a smaller, less robust government and believe the wealthy should be able to keep virtually all of its money in its pockets.

    The only difference this time is that the well-being of millions of Americans are hanging in the balance as the sequester clock ticks down.

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    Originally seen on http://newsone.com/

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