February 5th, 2013
01:30 PM ET

Obama calls for short-term fix to imminent spending cuts

[Updated at 1:30 p.m. ET] President Barack Obama says that if Congress can't come up with a long-term deficit reduction package by March 1, Congress should pass a smaller, short-term package to avoid the deep automatic spending cuts that otherwise would take effect that day.

The imminent spending cuts known as sequestration were part of a 2011 debt ceiling deal.

In his comments moments ago at the White House, Obama said his past proposal a mix of spending cuts, entitlement reforms and increased revenue remain on table. He says this mix, rather than spending cuts alone, is the most sensible option.

Choosing only to cut spending, Obama said, would "cost us jobs and slow down our recovery."

[Initial post, 12:03 p.m. ET] President Barack Obama today will call for a short-term agreement to put off deep cuts to government spending set to take effect next month, a senior administration official has confirmed to CNN.

The president will make a statement to reporters at 1:15 p.m. ET that urges Congress to pass a measure that would put off the imminent spending cuts known as sequestration that were part of a 2011 debt ceiling deal, the official said.

A White House official, also on condition of not being identified, issued a statement that said Obama will call for a balanced approach which is code for including additional revenue with spending cuts to "avoid the deep, indiscriminate cuts to domestic and defense programs slated to take effect in just over three weeks."

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soundoff (8 Responses)
  1. Ancient Texan

    He already has the increased revenues from the "evil rich" but is still reluctant to be serious about spending cuts.

    February 5, 2013 at 2:31 pm | Report abuse |
  2. Jeff Drexel

    I model too. I model Depends.

    February 5, 2013 at 9:19 pm | Report abuse |
  3. Hamsta

    Just another excuse to increase everyones' taxes. I have a better idea, stop spending money on stupid stuff like green energy and mulimillion dollar vacations. Evil Mr. Bush drank beer at home while Emperror Obama tickles his toes in Martha's Vineyard.

    February 5, 2013 at 9:32 pm | Report abuse |
  4. Hamsta

    Ya our Liar in Chief is doing just fine, while enjoying multimillion dollar vacations and on the campaign trail he said a few things. " I have millions of shovel ready jobs." " This is the summer of recovery." " Chevy is alive and Al Quaeda is dead." Clint Eastwood was right, that chair is empty because his shovel ready jobs don't exist, the summer of recovery never happened, there have been 8 terrorist attacks on U.S. embassies before Clinton answered a single question from the first attack and I just towed the 3rd Chevy with my Toyota to the shop this week and today is Tuesday.

    February 5, 2013 at 9:47 pm | Report abuse |
  5. Jeff Roem

    I'm not sure I want my wife modeling under wear.................

    February 5, 2013 at 10:08 pm | Report abuse |