Deficit President chickens out at the last minute. $20 trillion here we come.
Story just hit the wires.
WASHINGTON (MarketWatch) – President Barack Obama will ask Congress Tuesday to craft a small package of short-term spending cuts and tax revenue to put off the automatic across-the-board cuts, known as the sequester, that are scheduled to kick in March 1, according to press reports. The request will come in a public statement from the president at the White House early this afternoon, the reports said. If Congress does not act, about $85 billion would have to be cut from government agencies, including the Defense Department, this fiscal year. Earlier Tuesday, House Speaker John Boehner used a press conference to urge Obama to offer proposals to replace the spending cuts. A White House official said the small package was needed to give the White House and Congress more time to achieve a bigger budget deal.
Flashback: Obama Tells C-Span ‘We’ve Run Out Of Money’