$85 billion in automatic across-the-board cuts became law last week, as President Obama and Congress struggle to find a solution to the crisis. Watch CNN.com Live for continuing coverage on this story.
Today's programming highlights...
8:30 am ET - Menendez speaks at AIPAC - Embattled Sen. Robert Menendez returns to the public eye this morning as he addresses the American Israel Public Affairs Committee's policy conference in Washington.
10:15 am ET - Obama reveals OMB nomination - President Obama is expected to nominate the head of the Walmart Foundation to be the next director of the Office of Management and Budget.
$85 billion in automatic spending cuts begin today as President Obama and Congress struggle to find a solution to the crisis. Watch CNN.com Live for continuing coverage on this story.
The Jodi Arias trial resumes on Monday.
10:10 am ET - SpaceX launches cargo mission - SpaceX will attempt to launch its second official cargo supply mission to the International Space Station.
$85 billion in automatic across-the-board spending cuts will happen unless President Obama and Congress reach a deal by tomorrow. Watch CNN.com Live for continuing coverage on this story.
10:00 am ET - State of the U.S. economy hearing - The threat of forced budget cuts will likely be discussed when the Joint Economic Committee meets to discuss the health of the U.S. economy.
The Senate voted on Wednesday to confirm Jack Lew as U.S. Treasury secretary. Lew, 57, most recently served as the White House chief-of-staff.
As a former budget director for Presidents Obama and Bill Clinton, Lew has overseen budget talks in times of deficits and also surpluses.
As the secretary of the Treasury, Lew will run U.S. domestic financial policy and is charged with collecting federal taxes and managing public debt, among other duties.
Congressional leaders have been invited to the White House on Friday, the day forced federal spending cuts are scheduled to start taking effect, according to a senior Republican aide.
The aide told CNN that Republicans do not anticipate the meeting to be anything more than optics – an effort, the aide said, by President Barack Obama to show he is at least talking to Congress on the day the cuts are supposed to kick in.
But the aide added it wasn't clear what was on the president's agenda.
$85 billion in automatic across-the-board spending cuts will take place if President Obama and Congress can't reach a deal by March 1. Watch CNN.com Live for continuing coverage on this story.
10:00 am ET - Assault weapons ban legislation briefing - The Senate Judiciary Committee holds a hearing on proposed legislation that, if signed into law, would ban the sale and manufacturing of dozens of firearms.
The morning after the Dow and S&P 500 suffered their biggest one-day declines of the year, U.S. stocks are showing signs of rebounding.
The Dow Jones industrial average gained 62 points shortly after the trading day began Tuesday morning.
The Dow had dropped 216 points, or 1.5%, on Tuesday, partly on fears that mixed election results in Italy could produce governmental gridlock there and possibly revive Europe's debt crisis.
Here's some welcome news for homeowners: After years of downturn, housing prices shot up in 2012.
Prices rose 7.3% in 2012, according to a closely-watched reading released Tuesday.
The report from S&P Case-Shiller covered home prices across 20 major housing markets nationwide in the final three months of the year. It comes ahead of a government report due later Tuesday which is expected to show a continued rise in new home sales.
$85 billion in automatic across-the-board cuts will happen unless President Obama and Congress come to an agreement by March 1. Watch CNN.com Live for continuing coverage on this story.
10:00 am ET - Ben Bernanke on Capitol Hill - Federal Reserve Chairman Ben Bernanke is slated to discuss the economy and U.S. monetary policy before a Senate committee today, but he may also discuss the threat of forced spending cuts.
World markets retreated Tuesday as a big vote for anti-austerity parties in Italy's elections left the eurozone's third biggest economy in political deadlock, sparking fears of a revival of the region's debt crisis.
European stock markets were sharply lower, led by a 4% plunge on Italy's index of leading shares. Italy's borrowing costs increased, as the yield on its 10-year bond moved up towards 5%, triggering similar moves in other weaker eurozone states such as Spain and Portugal. The euro fell to just above $1.30.
Final results showed the center-left coalition of Pier Luigi Bersani winning by a very slim margin in the lower house of parliament but unable to control the Senate after a strong showing by former Prime Minister Silvio Berlusconi and a protest movement led by comedian turned politician Beppe Grillo.
$85 billion in automatic across-the-board spending cuts could happen if President Obama and Congress don't reach a deal by March 1. Watch CNN.com Live for continuing coverage on this story.
The Jodi Arias murder trial is in recess until Monday.
11:20 am ET - White House briefing - Spending cuts, immigration and gun control will likely dominate Press Secretary Jay Carney's briefing with the White House press corps.
Billions of dollars in automatic across-the-board spending cuts could take place on March 1 unless President Obama and Congress do something about it. Watch CNN.com Live for continuing coverage on this story.
11:00 am ET - Kerry speaks at university - Secretary of State John Kerry makes his first major public address since taking over the post. The remarks will be made on the campus of the University of Virginia in Charlottesville.
President Obama and Congress look to avert $85 billion in automatic across-the-board spending cuts scheduled for March 1. Watch CNN.com Live for continuing coverage of the sequestration crisis.
10:45 am ET - Obama's sequestration warning - President Obama will ask Congress to work with him to avoid the March 1 spending cuts in remarks from Washington.
Someone profited handsomely by buying Heinz options the day before a group announced plans to buy the company, and the Securities and Exchange Commission is suspicious.
The SEC said Friday that it had obtained a court order to freeze assets in a Swiss trading account, questioning profits made ahead of the announcement of H.J. Heinz Co.'s $28 billion acquisition by a group including Warren Buffett's Berkshire Hathaway.
The SEC said "unknown" traders using the account had purchased options the day before the announcement and reaped $1.7 million when the Heinz deal was revealed on Thursday.
10:00 am ET - Sequestration threat hearing - Three Cabinet secretaries and others will testify before a Senate committee on how the threatened spending cuts would affect their departments.
10:00 am ET - Postal Service crisis hearing - The U.S. Postal Service is ending most Saturday delivery amid concerns that its time is running short. Can the USPS be saved? The House Government Affairs Committee looks into the matter.
A scandal over horsemeat found in frozen beef products is spiraling across Europe as several governments launch investigations and a company involved says it has determined who "the villain" is.
The police probes and legal maneuvers responding to the discovery are quickly becoming a tangled web - much like the complex supply chain of the meat products themselves.
Swedish food producer Findus has been a focus of the uproar since it announced Thursday that it had withdrawn its lasagna from UK stores as a precaution. The products were pulled Monday after French supplier Comigel raised concerns about the type of meat that was used, Findus Sweden said.
But Findus is only one of several companies that receives products from Comigel. Others inculde Axfood, Coop, and ICA, all of which announced they have pulled certain meat products from the shelves due to the possibility they contain horsemeat.
Comigel has not responded to CNN's repeated requests for comment.
The jobs recovery continued to crawl forward in January, as employers hired 157,000 workers, the Labor Department said today.
Job growth at that level is weaker than in December, when employers added 196,000 jobs. For more on this story, go to CNNMoney here.
The Department of Justice has filed a civil antitrust lawsuit against Anheuser-Busch InBev over its proposed acquisition of Modelo, makers of Corona.
"The Department is taking this action to stop a merger between major beer brewers because it would result in less competition and higher beer prices for American consumers," Bill Baer, assistant attorney general in charge of the Department of Justice's Antitrust Division, said in a news release.
"This lawsuit seeks to prevent ABI from eliminating Modelo as an important competitive force in the beer industry," the release said.
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