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Budget cuts could cause some big problems at some of the country's busiest airports and Lance Armstrong is adding the U.S. government to his upcoming legal opponents. Here's the Friday Bloomberg After The Bell Report from the New York Stock Exchange.
The $1.2 trillion in spending cuts going into effect in a week may lead to major travel headaches. Transportation Secretary Ray LaHood says the cuts will force the FAA to furlough staff. Fueling flight delays of up to an hour-and-a-half are expected at major airports, including New York, Chicago and San Francisco.
The president says he'll continue to work with lawmakers on a plan to avoid the cuts. Those reductions include more than five-percent cuts for congressional staff, which could mean furloughs and hiring freezes on Capitol Hill.
Positive earnings reports pushed stocks higher on Friday.
Lance Armstrong's lawyer says the United States will join in a lawsuit against the disgraced cyclist. The suit claims Armstrong defrauded the government by doping while he was riding for the U.S. Postal Service, which paid about $40 million as part of a sponsorship deal.