It appears the cuts will take place. The president’s purpose in calling the meeting at the White House Friday morning is just theater. Obama is doing what he thinks the public expects on the brink of an important budget deadline. The Republicans may not have the votes to stop the cuts for their own members want austerity. Obama thinks everyone wants spending and believes his main point of leverage is a public backlash. This will be interesting to say the least. The stocks have been rallying and gold declining on this backdrop.