President Barack Obama has described a series of budget cuts totalling $85 billion as "dumb and arbitrary".
The measures are set to come into effect at 11:59pm tonight after congressional leaders failed to reach agreement on how to tackle the deficit.
There are fears the series of automatic cuts - known as sequestration - could damage US economic growth and lead to hundreds of thousands of job losses.
ITV News Washington Correspondent Robert Moore reports:
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The Foreign Secretary was unable to rule out the possibility of continuing to pay money into the EU when he spoke to Peston On Sunday.
He told Peston on Sunday: "The country is crying out for leadership from the Prime Minister. We want to know her vision."
All the profits from the sale of each download of the forthcoming single would go to Shooting Star Chase and Together for Short Lives.