From the White House:
Unless Congress acts by March 1st, a series of automatic cuts—called the sequester—will take effect that threaten hundreds of thousands of middle class jobs, and cut vital services for children, seniors, people with mental illness and our men and women in uniform.
There is no question that we need to cut the deficit, but the President believes it should be done in a balanced way that protects investments that the middle class relies on. Already, the President has worked with Congress to reduce the deficit by more than $2.5 trillion, but there’s more to do. The President has put forward a balanced plan to not only avoid the harmful effects of the sequester but also to reduce the deficit by more than $4 trillion in total. The President’s plan meets Republicans more than halfway and includes twice as many spending cuts as it does tax revenue from the wealthy. For details on the President’s plan click here.
Unfortunately, many Republicans in Congress refuse to ask the wealthy to pay a little more by closing tax loopholes so that we can protect investments that are helping grow our economy and keep our country safe. By not asking the wealthy to pay a little more, Republicans are forcing our children, seniors, troops, military families and the entire middle class to bear the burden of deficit reduction. The President is determined to cut spending and reduce the deficit in a balanced way, but he won’t stick the middle class with the bill. The President is willing to compromise, but on behalf the middle class he cannot accept a deal that undercuts their economic security.
Our economy is continuing to strengthen but we cannot afford a self-inflicted wound from Washington. Republicans should compromise and meet the President in the middle. We cannot simply cut our way to prosperity, and if Republicans continue to insist on an unreasonable, cuts-only approach, North Carolina risks paying the price.