Source: Obama to Ask for Short-Term Budget Plan

WASHINGTON (AP) -- White House officials say President Barack Obama will ask Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to put off the automatic across the board cuts that are scheduled to kick in March 1.

Obama will make his request Tuesday afternoon in a public statement at the White House.

The automatic cuts, if they are allowed to proceed, could require widespread layoffs and indiscriminately affect defense programs and domestic spending accounts.

Obama will ask for a targeted way to reduce the deficit in the short term, perhaps several months.

White House officials say Congress needs more time to work out a 10-year plan worth more than $1 trillion in deficit reduction.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2236267, ~/Articles/ArticleHandler.aspx, 10/22/2014 11:43:26 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement