Two Weeks Before Sequestration, Congress Takes a Vacation

Senate Democrats claim they struck an "agreement" that would head off the looming sequestration cuts, but since the deadline is 14 days away and Congress is in recess for the next ten, you probably shouldn't hold your breath.

It doesn't help that the plan—which includes a mix of tax increases and spending cuts—has no Senate Republicans on board, let alone the House, which is even less likely to go for it. (Even a lot of Senate Democrats aren't that gung-ho about it.) They admit that it's more of an opening position for a negotiation, but with so little time left to negotiate, the hope that the $85 billion in automatic spending cuts can be avoided is fading pretty quickly. 

Read more at The Atlantic Wire.