Sequester deadline looms as US faces $85bn cuts

[Gerald]

US President Barack Obama: "Washington didn't make it easy at a time when businesses have began to get some traction"

US political leaders have left last-ditch talks at the White House without a deal to avoid steep budget cuts.

President Barack Obama blamed Republicans' refusal to allow any tax rises for the negotiations' failure, calling the sweeping $85bn (£56bn) in cuts "unnecessary" and "inexcusable".

Congress has left for the weekend, with the spending cuts due to be written into the budget by Friday's end.

The IMF has warned the cuts could slow global economic growth.

http://www.bbc.co.uk/news/world-us-canada-21636049

Note: Update record, 1 March 2013 Last updated at 18:47 GMT