As a deadlock continues over automatic spending cuts in the United States, analysts told CNBC that the country is living in a "fantasy world" and will need to implement trillions more in budget cuts. U.S. markets seemed to have shaken off worries over the $85 billion of automatic spending cuts known as the "sequester" that went into effect over the weekend, with the S&P 500 finishing in positive territory for the first Monday in 2013 and the Dowclose to hitting its record closing high on Monday. Despite the sanguine reaction of markets, analysts told CNBC that sequestration, which constrains the country to make $1.2 ... (full story)