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Obama to deliver remarks about sequestration

From Jessica Yellin, CNN
updated 7:41 AM EST, Tue February 19, 2013
STORY HIGHLIGHTS
  • The president will speak at 10:45 a.m. on the looming sequestration
  • The sequester is a term for automatic budget cuts
  • Obama wants to compromise with the GOP

Washington (CNN) -- President Barack Obama will deliver remarks Tuesday morning urging action to avoid the automatic across-the-board budget cuts called the sequester, a White House official said.

The cuts are scheduled to hit Friday, March 1 "if Congress fails to find a path forward on a balanced deficit reduction," the official said in a statement. The reductions could spur the loss of thousands of jobs.

The president will urge Republicans to compromise on a balanced solution. He is scheduled to speak at 10:45 a.m. in the South Court Auditorium at the White House.

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