WASHINGTON (MarketWatch) -- A Republican bill that would replace the onset on Friday of automatic spending cuts under the sequester failed a test vote in the Senate on Thursday. Without a replacement, $85 billion in across-the-board cuts are due to take effect beginning Friday. Congressional leaders are scheduled to meet with President Barack Obama on Friday to discuss replacing the cuts, which go into effect gradually through September. The Republican bill would have given Obama flexibility to determine what cuts to make, but would not have raised any taxes.