White House: President Obama Making Statement At 1:15 PM ETSource:
TPM
DAVID TAINTOR 10:59 AM EST, TUESDAY FEBRUARY 5, 2013
The White House updated the press schedule for President Obama Tuesday, adding a statement at 1:15 p.m. ET from the President in the briefing room. Reports indicate that Obama will call on Congress to delay the automatic spending cuts scheduled to take effect in March.
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White House: Obama Making Statement At 1:15 PM ET | TPM LiveWire
OBAMA SEEKS TO AVOID SEQUESTER WITH SHORT-TERM FIX
By JIM KUHNHENN
— Feb. 5 11:17 AM EST
WASHINGTON (AP) — President Barack Obama will ask Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to put off the automatic across the board cuts that are scheduled to kick in March 1.
Obama will make his request afternoon in a public statement at the White House.
The automatic cuts, if they are allowed to proceed, could require widespread layoffs and indiscriminately affect defense programs and domestic spending accounts.
Obama will ask for a targeted way to reduce the deficit in the short term, perhaps several months. White House officials said that Congress needs more time to work out a 10-year plan worth more than $1 trillion in deficit reduction. Obama is not placing a time span or a dollar amount on the short-term plan. Officials said he will leave that to Congress.