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Sequestration looks likely as Congress fails to agree

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Senate Republicans and Democrats pushed party-backed plans Thursday to try and stop automatic spending cuts scheduled to kick in Friday at midnight.

Neither plan passed, leaving lawmakers and the president scrambling. Both of the failed plans were designed to replace the sequester cuts with suitable alternatives.

ABC News says leaders from both parties plan to meet with President Obama Friday to discuss the sequester cuts.

ABC reported the following on the likelihood of the two parties reaching a mutual resolution:

Leaders on both sides publicly conceded that the effort was largely for show, with little chance the opposing chamber would embrace the other's plan. They will discuss their differences with President Obama at the White House on Friday.

"It isn't a plan at all, it's a gimmick," Senate Minority Leader Mitch McConnell, R-Ky., said today of the Democrats' legislation.

Source: ABC News
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