Obama calls for short-term budget deal

President Barack Obama is urging Congress to pass a package of stopgap tax increases and spending cuts to avert deep across-the-board reductions in military and domestic spending set to take effect March 1. He said the action would give lawmakers time to work out a comprehensive deficit-reduction plan that would put automatic sequestration of funds to rest permanently. Obama said there is no need to endanger "the jobs of thousands of Americans."

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