Obama Warns About Cost of Sequestration

US President Barack Obama says sequestration cuts "are not smart" in his weekly radio and Internet address. Deborah Lutterbeck reports.

Published

4 months ago

Categories

US, Finance

Topics

US Politics, United States, Economic Policy

People

Barack Obama

Places

United States of America, Washington, D.C.

Transcript

Just hours after across-the-board spending cuts kicked in, U.S. President Barack Obama pressed Congress to work with him on a compromise in his weekly address. (SOUNDBITE) (English) UNITED STATES PRESIDENT BARACK OBAMA, SAYING: "These cuts are not smart. They will hurt our economy and cost us jobs. And Congress can turn them off at any time - as soon as both sides are willing to compromise." Obama issued a warning on the cost of the impasse. (SOUNDBITE) (English) UNITED STATES PRESIDENT BARACK OBAMA, SAYING: "The longer these cuts remain in place, the greater the damage. Economists estimate they could eventually cost us more than 750,000 jobs and slow our economy by over one-half of one percent." Without a resolution government agencies will have to slash $85 billion from their budgets by October 1.