White House Rescinds $4.9 Billion in 2013 Spending Cuts
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The Obama administration is canceling $4.9 billion of the $85 billion in automatic U.S. spending cuts that took effect March 1, a move that restores some funds for defense and diplomacy, according to a White House official.
The decision came after the administration determined that, under rules governing the automatic reductions, it had cut too much from some budgetary accounts for the current fiscal year, said the official, who asked not to be identified.