Obama seeks to break "sequestration" impasse with $1.8 trillion deal

President Barack Obama has proposed a $1.8 trillion package of spending cuts and tax increases in a bid to avert the March 1 "sequestration" spending cuts, and he reached out to GOP leaders Thursday to pitch his plan. Republicans pushed back, accusing Obama of seeking more taxes rather than a workable compromise deal. "The president was offered a truly balanced approach ... and he turned it down. His appetite for higher taxes knows no bounds," said Brendan Buck, a spokesman for Rep. John Boehner.

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