Obama to Urge Lawmakers to Delay Automatic Spending Cuts

President Barack Obama will urge Congress to delay automatic spending cuts scheduled to take effect on March 1 to avoid the economic effects of a sudden drop in U.S. government spending.

Obama will speak at 1:15 p.m. at the White House today and ask Congress for a delay in “deep, indiscriminate cuts to domestic and defense programs,” the White House said in a statement.

“Uncertainty around the sequester is already having a negative impact on our economic growth,” the statement said. Allowing it to take effect “would cost hundreds of thousands of American jobs and have devastating impacts on our economy,” it said.

To contact the reporters on this story: Roger Runningen in Washington at rrunningen@bloomberg.net

To contact the editor responsible for this story: Steve Komarow at skomarow1@bloomberg.net

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