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CNN: Countdown to spending cuts: A matter of hours

 
Washington (CNN) — With no deal in place in Congress, $85 billion in sweeping federal spending cuts will take effect Friday, targeting everything, from defense to education. There is little hope of a last-minute deal to stave off the automatic cuts after the Senate failed to strike a deal and a large number of the members of the House left Washington on Thursday for the weekend. The pending budget cuts are the result of…

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