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Obama asks Congress to delay spending cuts, but Republicans reject proposal's tax hikes
President Barack Obama called on Congress to delay the across-the-board spending cuts that are scheduled to go into place March 1, The Business Journals reported.
If Congress can't pass a comprehensive deficit reduction plan to replace these cuts, known as sequestration, it should at least pass a small package of alternative spending reductions and tax increases in order "to delay the economically damaging effects of the sequester for a few more months," Obama said.
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