Is a deal possible in looming budget battle? - WFLA News Channel 8

Is a deal possible in looming budget battle?

Posted: Updated:
WASHINGTON, DC (WFLA) -

President Obama urged Congress on Tuesday to take action to avoid massive budget cuts that could lead to furloughs and layoffs across the country.   

The cuts will go into effect automatically next Friday unless a budget compromise can be reached.

Surrounded by first responders who could lose their jobs, President Obama called on Republicans to make a deal.

"Are they willing to compromise to protect vital investments in education, health care, education and national security," he asked, "or would they rather put hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that only affect the wealthiest Americans?"

If no deal is reached $85-billion in automatic cuts known as the sequester go into effect March 1st.   

Democrats want to close tax loopholes on the oil industry and raise taxes on millionaires, but Republicans want more deficit reduction.

"The president says it's going to be a balanced approached, but so far it's all been tax increases, so from the Republican point of view they want to see the spending cuts in terms of the other side of it," argues Republican strategist David Winston.

If there's no compromise everyone from FBI to border patrol agents could be furloughed or laid off.   

A Wells Fargo study says federal and defense industry workers in Maryland, Virginia and DC will be hardest hit as the military faces massive cuts.

The sequester was originally set to go into effect January 1st, but was delayed as part of the fiscal cliff negotiations.

  • 8 On Your SideMore>>

  • Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Thursday, July 31 2014 6:10 PM EDT2014-07-31 22:10:55 GMT
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
  • Tampa Bay Water begins filling Bill Young reservoir

    Tampa Bay Water begins filling Bill Young reservoir

    Thursday, July 31 2014 5:45 PM EDT2014-07-31 21:45:52 GMT
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
  • 8 on your side helps stranded Riverview driver get a new car

    8 on your side helps stranded Riverview driver get a new car

    Thursday, July 31 2014 4:10 PM EDT2014-07-31 20:10:54 GMT
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
Powered by WorldNow

200 South Parker Street, Tampa, FL 33606

Telephone: 813.228.8888
Fax: 813.225.2770
Email: news@wfla.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.