THE MISTAKE WE HAVE LIVED TO REGRET
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Obama, congressional leaders fail to reach last-ditch sequester deal
Published March 01, 2013 | FoxNews.com
WASHINGTON – President Obama placed blame squarely on Republican lawmakers at a Friday press conference for failing to stop automatic spending cuts that were to begin kicking in later in the day, calling the cuts "dumb, arbitrary."
Republicans, for their part, said the fault was his, for insisting that increased taxes be part of the resolution.
The president said the impact of the cuts won't immediately be felt, but middle class families will begin to "have their lives disrupted in significant ways." He said that as long as the cuts stay in effect, Americans will know that the economy could have been better had they been averted.
"The pain, though, will be real," Obama said.
He said he still believed the cuts could be replaced but he wanted a deal that includes more tax revenue.
"Let's be clear: None of this is necessary," Obama told reporters at the White House. "It's happening because of a choice that Republicans in Congress have made. We shouldn't be making a series of dumb, arbitrary cuts to things."
Obama met for less than an hour Friday morning with House Speaker John Boehner, Senate Majority Leader Harry Reid, Senate Republican leader Mitch McConnell and House Democratic leader Nancy Pelosi.
Boehner's office said he and McConnell told Obama they're willing to close tax loopholes but only to lower taxes overall, not to replace spending cuts. Obama and congressional leaders have agreed that Congress should pass a bill funding the government beyond the end of March while they keep working on a way to replace the spending cuts, Boehner's office said.
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