WASHINGTON Feb 5 President Barack Obama on
Tuesday will propose that Congress pass a small package of
spending cuts and tax reforms to put off the "harmful
consequences" of huge automatic spending cuts known as the
"sequester" for a few months, a White House official said.
"Uncertainty around the sequester is already having a
negative impact on our economic growth, and if it was to take
effect it would cost hundreds of thousands of American jobs and
have devastating impacts on our economy," the official said.
The small budget package would "allow Congress more time to
reach a solution that permanently avoids the sequester and
significantly reduces the deficit in a balanced way," the
Obama will speak at 1:15 p.m. EST (1815).