Tuesday, February 5, 2013

Obama Will Ask Congress for Budget Cuts to Head Off Automatic Reductions

BREAKING NEWS Tuesday, February 5, 2013 11:34 AM EST
President Obama on Tuesday will call on lawmakers to quickly pass a package of limited spending cuts that can head off the automatic, across-the-board reductions that are set to take effect on March 1, an administration official said.
The president will deliver the request in a statement on Tuesday afternoon at the White House. The official said Mr. Obama will acknowledge that a broader budget agreement is unlikely to be reached by next month’s deadline when the cuts to domestic and military programs will go into effect.
Asking for quick action to avoid the automatic cuts, often called the sequester, is a reflection of the impact that White House officials believe the cuts would have on the American economy and possibly around the world. Officials say the deep, indiscriminate cuts would cost hundreds of thousands of jobs as government agencies and contractors shrink spending and payrolls.

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http://www.nytimes.com/2013/02/06/us/politics/obama-congress-budget-cuts.html?emc=na

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