Spending cuts deal: Barack Obama pushes short-term solution in US budget battles

The agency projected that the economy will grow just 1.4 percent this year if $85 billion in across-the-board spending cuts take effect as scheduled March 1.

Economists say that too-high deficits and debt are a drag on the economy and could eventually precipitate a fiscal crisis like many European countries are experiencing.

"The CBO's report is yet another warning that we need to get spending under control,'' said House Budget Committee Chairman Paul Ryan, the 2012 Republican vice presidential candidate. "The deficit is still unsustainable,''

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