Tuesday, February 5, 2013
President Barack Obama is asking Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to delay automatic spending cuts scheduled to kick in March 1.
The president said Tuesday he still believes the nation should move forward with a broad package for tax reform and spending cuts. But he says if Congress can't act before the March 1 deadline, lawmakers should at least pass a smaller package to stave off the damaging effects of the across-the-board cuts.
President Obama says the proposals he offered House Speaker John Boehner late last year during discussions over the so-called fiscal cliff are still on the table.
The president isn't placing a time span or a dollar amount on the short-term plan. Officials say he will leave that to Congress.