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$85 billion cut from US budget

President Barack Obama signed an order authorising the US government to begin cutting $85 billion (£57bn) from federal accounts. By so doing he officially enacted across-the-board reductions that he was opposed but failed to avoid.

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Boehner rules out tax increases as US braces for cuts

US House of Representatives Speaker John Boehner has ruled out tax increases as a way to address the nation's deficit after meeting with President Barack Obama to discuss across-the-board budget cuts that will come into effect later today.

"The discussion about revenue, in my view is over. It's about taking on the spending problem," Boehner said in a short statement after the meeting.

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