Obama seeks to avoid sequester with short-term fix
WASHINGTON (AP) — President Barack Obama is asking Congress for a short-term deficit reduction package of spending cuts and tax revenue that will delay the effective date of steeper automatic cuts now scheduled to kick in on March 1. Obama said the looming cuts would be economically damaging and must be avoided.
The president reiterated his insistence on long-term deficit reduction that combines taxes and cuts, a blend that faces stiff resistance from anti-tax Republicans in Congress.
Obama made his case Tuesday afternoon in the White House briefing room, just minutes after the Congressional Budget Office released revised budget projections that showed the deficit will drop to $845 billion this year, the first time during Obama's presidency that the red ink would fall below $1 trillion. The budget office also said the economy will grow slowly in 2013, hindered by a tax increase enacted in January and by the automatic spending cuts scheduled to take effect this spring.
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