(Photo: Jim Mone, AP)
President Obama will ask Congress for a short tern budget plan to head off a series of automatic budget cuts scheduled to hit next month.
Facing a March deadline, Obama will call for a small package of spending cuts and tax revenue increases in remarks at the White House early this afternoon, officials said.
The president is scheduled to speak at 1:15 p.m., ET; two aides confirmed his plans on the condition they not be named because they did not want to preempt his remarks.
In his remarks, Obama will warn the automatic cuts -- known as the sequester -- will damage defense and domestic programs, and create uncertainty that will stunt economic growth, aides said.
In an interview Sunday with CBS News, Obama said that even the threat of the sequester has slowed economic growth in recent months.
"Washington cannot continually operate under a cloud of crisis," Obama said. "We can't afford these self-inflicted wounds."
David Jackson, USA TODAY