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As 'Fiscal Cliff' Looms, Obama to Sign Bill Detailing Budget Cuts

Ingram Publishing/Thinkstock(WASHINGTON) -- Layoff notices could begin going out this fall, warning many of those who work for and with the federal government that they'll lose their jobs if previously agreed upon spending cuts take effect.

Unless a deal to avoid the so-called "sequester" is reached, taxes will go up on everyone and the nation will go over the so-called "fiscal cliff."

A bill passed by both houses of Congress would require the administration to detail the drastic government cuts that would kick in Jan. 2.  White House spokesman Jay Carney says President Obama will sign that bill, saying there won't be a way out of the sequester unless Republicans agree to the president's tax proposals.

"Congressional republicans are trying to get out of what they agreed to because they’d rather protect tax cuts for some of the wealthiest Americans than make tough choices needed to reduce the deficit," Carney said Thursday.

Republicans contend tax increases would kill hundreds of thousands of jobs.

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