Obama Orders Sequester: $85 Billion In Spending Cuts In Effect As Sequestration Begins

WASHINGTON, March 1 (Reuters) - President Barack Obama on Friday signed an order that starts putting into effect across-the-board budget cuts known as the "sequester" after he and congressional leaders failed to find an alternative budget plan.

The White House released a copy of Obama's directive entitled "Sequestration Order for Fiscal Year 2013." Government agencies will now begin to hack a total of $85 billion from their budgets between Saturday and Oct. 1.