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.