$85 Billion in U.S. Automatic Spending Cuts Expected
Automatic spending cuts in the United States - totaling $85 billion - are on the brink of going into effect. And little progress has been done to keep it from happening.
President Barack Obama had a phone conversation Thursday with House Speaker John Boehner and Senate Minority Leader Mitch McConnell.
The call was the first time they talked about the issue since the fiscal cliff deal New Years Day.
Now it's down to the wire. The cuts will automatically take effect March 1.