Business_Finance

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President Obama arrives to speak to reporters about his meeting with congressional leaders regarding the automatic spending cuts at the White House in Washington on March 1, 2013. (Associated Press)

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President Obama speaks to reporters in the White House briefing room in Washington on March 1, 2013, following after meeting with congressional leaders regarding the automatic spending cuts. (Associated Press)

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Specialist Peter Elkins works on the floor of the New York Stock Exchange on March 1, 2013. (Associated Press)

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Senate Majority Whip Sen. Richard J. Durbin (above right) leads Sen. Charles E. Schumer, Senate Majority Leader Harry Reid and Sen. Patty Murray out of a news conference after announcing that last-ditch efforts to avert spending cuts had failed. (Associated Press)

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Senate Majority Leader Harry Reid of Nevada (right) and Sen. Charles E. Schumer, New York Democrat, face reporters Thursday on Capitol Hill to talk about the automatic government spending cuts that take effect Friday. (Associated Press)