Obama: Budget cuts would cause "tumble downward"

U.S. President Barack Obama speaks at the Business Council dinner February 27, 2013 at the Park Hyatt Hotel in Washington, DC. / Photo by Olivier Douliery-Pool/Getty Images

WASHINGTON President Barack Obama says looming automatic budget cuts will cause a "tumble downward" for the economy.

He acknowledges many people may not immediately notice the full impact of the so-called sequester cuts if they take effect Friday. But he says yanking $85 billion from the economy this year would be a "big hit" on a nation still trying to fully recover from a recession.

• Coverage of the sequester
• Obama to meet with congressional leaders at sequester deadline
• More Americans would prefer to avoid sequester, poll finds

Speaking to business executives Wednesday, Obama acknowledged it will be difficult for lawmakers to reach a deal to offset the cuts by Friday. He says the logjam is not technical, "it's political.

The president wants Republicans to drop their opposition to using some new tax revenue to offset the cuts. And he says members of his own party must accept some changes to government entitlement programs.

[oxcart-blkbird]

@Dutch
Leadership? Pres O was elected to keep socialized checks signed and flowing. He's clueless about how to lead when the money runs out, revenues are off due to a still-sick job picture, and the Nationl Debt was highlighted as out of control. Real leaders perform best when it's tough. Weak ones get the spotlight, as we see now. Lib hopes are to divert attention with mudslinging, but you can't fool all of the people all of the time.

[dutch-mill-68]

Failed leadership invites confusion and magnifies failures.
Excuses can't hide weak government leaders any longer.
Five years on, "It's Bush's fault" doesn't cut it any more.

[GOP-R--Con-Men]

Speaking of confusion, who leads the republicans?

[whaas2]

Of coures all credit goes to the President for the sequester since it was his adminiatration that came up with the idea; it was he who signed it into law; and it was he that said that he would veto any attempt by congress to circumbent the sequestor.

The sequester supplies only a small fraction of the federal spending cuts needed to achieve the President's goal of the federal government running surpluses by 2015. The President needs to provide a detailed financial plan as to how his goal will be achieved.

[Jackinthebx]

Have you ever seen or do you know any POOR Politicians??? The president obama or any other likely president, including our entire government, don't give two S__t's about the americam people or they wouldn't let this Sequester happen. Their in fact saying damn the elderly and the rest except for us, (The Have's. And then here goes our newly appointed secretary of state wanting to give 60 million to Syria. Let those people take care of themselves. And any other country that we aid with millions of american dollars. Whats wrong with this government???

[sharkboy234]

some body must take like grown ups turn over,turn over,turn over and pass this bill now do it now before its too late. special oplympics may go too!

[TimeToEvolve]

The Republicon Sequester is exactly what they want, does Obama not understand that? This has been their wet dream since Reagan and then Grover Norquist and Wall Street lobbyists took over the Republicon Party.

[stamicrach]

WHAT// WHAT//

This country has been spiraling downward sine the first day Obama and Soros stepped into the White House.!!!!!

Somebody PLEASE find out what kind of mind control Soros is using on Obama to control him.!!

[Type_Z]

Obama is using his own free will.

[stamicrach]

TYPE_Z,

Try using a few investigative techniques and you will find tht this country is primarily eing "governed" by Soros/Obama.

Just as the country was being run by Cheney/GB2 for eight years.

[GOP-R--Con-Men]

Ever notice that republican zombies never mention a word about taxpayer dollars in corporate welfare going to corporations, big oil, big pharma and the super rich. They refuse to even consider stopping giveaways of taxpayer money to corporations, big oil, big pharma and the super rich.

But if you're a middle-working class American or poor they treat you with contempt not worthy of any assistance whatsoever from government. I'm sure Jesus is proud of republicans and their zombie supporters.

[GOP-R--Con-Men]

HILLZ,

The oil industry get 4 billion dollars a year in taxpayer money. Do you believe they should get 4 billion dollars a year in our money?

[GOP-R--Con-Men]

Green industry gets money so that we will have a foot hold on the industry of the future. This will help us economically and environmentally. Do you think we should sit on the sidelines while the rest of the world makes huges gains? Surely you aren't that shortsighted?

[hypnotoad72]

But the public want trickle down economics... government is bad, remember folks? (Well, all government except for the taxpayer-funded handouts given to companies that offshore... there are your real marxist supporters, and most of them are in the GOP... how long a list do the rightwingers will claim "too long-winded to read", as usual, want?)

[DrAlanPhillips]

BOB WOODWARD SINCE YOU HAVE BEEN THREATENED TAKE ENCOURAGEMENT FROM JEFFERSON FOR YOUR FINE WORK

"Since truth and reason have maintained their ground against false opinions in league with false facts, the press confined to truth needs no other legal restraint. The public judgment will correct false reasonings and opinions on a full hearing of all parties, and no other definite line can be drawn between the inestimable liberty of the press and its demoralizing licentiousness. If there be still improprieties which this rule would not restrain, its supplement must be sought in the censorship of public opinion." --Thomas Jefferson: 2nd Inaugural Address, 1805. ME 3:381

[Type_Z]

One can only imagine other threats people have suffered.