President Barack Obama urged Congress to postpone automatic spending cuts scheduled to begin March 1 to avoid "real and lasting impacts" on U.S. economic growth.
Obama said lawmakers should act on a smaller package of spending cuts and changes to the tax code that would increase revenue, such as limiting tax breaks, to replace part of the $1.2 trillion in across-the-board reductions.
"Deep, indiscriminate cuts" in federal spending "will cost us jobs and slow down our recovery," Obama said. "This doesn't have to happen."
The March 1 deadline marks another fiscal showdown between the administration and House Republicans.
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%0D%0A%20%20Obama%20said%20lawmakers%20should%20act%20on%20a%20smaller%20package%20of%20spending%20cuts%20and%20changes%20to%20the%20tax%20code%20that%20would%20increase%20revenue,%20such%20as%20limiting%20tax%20breaks,%20to%20replace%20part%20of%20the%20$1.2%20trillion%20in%20across-the-board%20reductions.%0D%0A<%2Fp>%0D%0A
%0D%0A%20%20"Deep,%20indiscriminate%20cuts"%20in%20federal%20spending%20"will%20cost%20us%20jobs%20and%20slow%20down%20our%20recovery,"%20Obama%20said.%20"This%20doesn't%20have%20to%20happen."%0D%0A<%2Fp>%0D%0A
%0D%0A%20%20The%20March%201%20deadline%20marks%20another%20fiscal%20showdown%20between%20the%20administration%20and%20House%20Republicans.%0D%0A%0D%0A%0D%0Ahttps%3A%2F%2Fwww.printandpromomarketing.com%2Faggregatedcontent%2Fobama-urges-congress-delay-automatic-spending-cuts%2F" target="_blank" class="email" data-post-id="13610" type="icon_link"> Email Email
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