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The Boston Globe

Nation

Sequester is no grand deal, but it pares deficit

WASHINGTON — The latest budget impasse ushered in a new round of austerity Saturday, with the nation facing reduced federal services, canceled contracts, and layoffs. But on paper at least, President Obama and Congress have reduced projected deficits by nearly $4 trillion over a decade — the goal for stabilizing the national debt.

The spending cuts that began to take effect Friday — known as sequestration and totaling about $1 trillion through 2023 — come on top of $1.5 trillion in reductions that Obama and Congress committed to in 2011, mainly from the accord that averted the nation’s first debt default.

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