WASHINGTON (AP) — An ax is scheduled to hit the federal budget Friday: Unless the White House and Congress reach a budget deal by then, automatic cuts will carve $85 billion out of the budget through Sept. 30 and $1.2 trillion over the next decade.

The cuts in defense spending, unemployment benefits and other programs could slow an already struggling economy. And they would leave unaddressed the biggest long-term threats to the government's finances — rising bills for Medicare and Social Security.

Economists say there's a better way. Shrinking the federal debt doesn't have to mean either hurting the economy now or ignoring the spending burdens of the future.