President Obama will sit down with House and Senate leadership from both parties Friday, on the same day the across-the-board cuts, known as the sequester, go into effect. The talks are designed to be a “constructive discussion” about how to minimize the impact of the cuts, according to the White House.
On Thursday, Republican and Democratic sequestration alternatives were defeated in the Senate. The Republican proposal, which the Obama White House said it would veto, would have given President Obama the discretion to implement the cuts. The Democratic proposal relied on a combination of cuts and a tax increase on those making more than $1 million a year.