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President Obama says that if Congress cannot approve a full budget by the time the sequester is scheduled to go into effect on March 1, then it should at least pass a small package of spending cuts and tax reforms to buy some time. This would delay the economically damaging effects of the sequester for a few more months, until Congress finds a way to replace these cuts with a “smarter solution,” the president says at the White House. The Budget Control Act of 2011 contained a provision requiring $1.2 trillion in automatic, across-the-board spending cuts over 10 years that would cut both defense and nondefense spending equally. This provision, known as the sequester, is set to take effect March 1 unless Congress acts.
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