President Obama urges Congress to pass short-term legislation to cut spending and increase tax revenue so that "sequestration" can be delayed for a few months. He tells reporters he is prepared to work with Congress through the regular budget process to reduce the deficit by a total of $4 trillion by cutting more spending and eliminating tax loopholes for the wealthy. Obama says the economy is moving in the right direction. "Sequestration" is a legal procedure in which automatic budget cuts are triggered as agreed to in the Budget Control Act of 2011. Held in the White House Briefing Room.
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