Obama to meet the leaders of both chambers of US Congress

President Barack Obama is due to meet the leaders of both chambers of the US Congress today, to take up ways to avoid automatic budget slashing, which means the reduction in budget spending by 1.2 trillion dollars over the next ten years, with 85 billion dollars of that sum to be cut by later this fiscal year.

Budget slashing becomes effective following March 1st if the US Administration and Congress fail to agree ways to cut the budget deficit.

On Thursday, the US Senate declined two bills that could have mitigated, if not removed altogether, the consequences of the process that may well complicate the situation both in the United States and other countries.