Obama eyes sequester delay through short-term budget fix

President Barack Obama urged Congress to pass a smaller deal of tax reforms and spending cuts if lawmakers can't reach a bigger deal by March 1. The move would further postpone sequestration cuts, including up to 2% across-the-board cuts in Medicare reimbursement. Obama's 10-year deficit reduction plan would cut mandatory health care spending, mainly in Medicare, by around $400 billion, and raise tax revenue by approximately $600 billion to $700 billion, according to the administration.

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