Obama to Propose Package to Stave off Sequestration

Will give full presentation this afternoon

President Barack Obama on Tuesday will propose that Congress pass a small package of spending cuts and tax reforms to put off the "harmful consequences" of huge automatic spending cuts known as the "sequester" for a few months, a White House official said.

"Uncertainty around the sequester is already having a negative impact on our economic growth, and if it was to take effect it would cost hundreds of thousands of American jobs and have devastating impacts on our economy," the official said.