International Business Times
Feb. 5, 2013
President Barack Obama on Tuesday urged Congress to pass a small package of spending cuts and tax reform initiatives to delay the automatic spending cuts, known as the "sequester," that are scheduled to kick in next month, in the event that both the House and Senate are not able to pass a budget before March 1.
The president, during an impromptu White House press conference, said his primary goal is to “avoid the economically harmful consequences of a sequester for the next few months.” To meet that goal, Obama stressed that lawmakers need to pass a small series of modest spending cuts, as well as tax reforms, to close loopholes and deductions primarily benefiting corporations and the wealthy.
The Congressional Budget Office has estimated there could be a 0.7 percent decline in GDP growth this year if the automatic spending cuts go through. According to the Bipartisan Policy Center, it could lead to the loss of 1 million jobs between 2013 and 2014.
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