Obama warns of budget uncertainty risks

President Barack Obama on Monday said looming automatic spending cuts are already affecting the economy, while a top administration official warned that the nation's borders would be less secure if billions of dollars are yanked from the budget Friday.

"The uncertainty is already having an effect," Obama said. "Companies are preparing layoff notices. Families are preparing to cut back on expenses. The longer these cuts are in place, the bigger the impact will become."

Despite the urgent rhetoric, there was no indication the White House and congressional Republicans were actively ...