Obama Urges Congress to Delay Automatic Spending Cuts

President Barack Obama urged Congress to postpone automatic spending cuts scheduled to begin March 1 to avoid “real and lasting impacts” on U.S. economic growth.

Obama said lawmakers should act on a short-term package of spending cuts and changes to the tax code that would increase revenue, such as limiting tax breaks, to replace part of the $1.2 trillion in across-the-board reductions.