(Washington, DC) — President Obama is warning about upcoming automatic spending cuts. In a statement at the White House, Obama said ongoing political dysfunction threatens economic progress.
The President argued that the U.S. cannot cut its way to prosperity. Deep spending cuts are set to kick-in on March 1st. Half the cuts will hit the Pentagon. The President wants a short-term series of tax reforms and spending cuts to delay a so-called sequester. He called the sequester harmful and said it could damage the economy.
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