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Barack Obama jokes about budget cuts, Biden at exclusive dinner

US President Barack Obama was in his elements over a whopping USD 85 billion forced spending cuts his administration was facing, saying, "My joke writers have been placed on furlough."

Obama signs order to begin $85 billion in spending cuts

The sequester is "dumb" but is "not going to be an apocalypse," Obama said after his nearly hour long meeting with the Congressional leaders.