GOP legislators propose alternate spending cuts to sequestration . Deficit reduction should focus on cutting government spending and must include savings from popular entitlement programs such as Social Security , Medicare and Medicaid , Boehner insisted on Wednesday . Treasury Secretary Panetta says political partisanship threatens U.S. stability . ` ` This is not a dream . This is reality , '' Panetta says of reduced readiness . The across - the - board cuts will take effect March 31 unless Congress agrees .
GOP legislators propose alternate spending cuts to sequestration . Treasury Secretary Panetta says political partisanship threatens U.S. stability . ` ` This is not a dream . This is reality , '' Panetta says of reduced readiness . The across - the - board cuts will take effect March 31 unless Congress agrees .