The Obama administration on Tuesday signaled its willingness to make changes in Medicare and other entitlement programs as it urged Congress to delay automatic federal spending cuts scheduled for March 1.
In a White House briefing, President Barack Obama said the threat of automatic federal spending cuts through sequestration—which Congress delayed until early March in its New Year's Day deal to avert the fiscal cliff—has already begun to affect business decisions. The president reiterated his view that the ideal way to reduce the deficit is through a deal that includes both spending cuts and tax reform. And if Congress can't agree on a larger deal by March 1, Obama added, lawmakers should pass a smaller package of spending cuts and tax reforms that would also further delay the sequester for a few more months.
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