Obama Proposes Sequester Stopgap

The prospects of a long-term budget deal are looking dim. With the automatic budget cuts known as the sequester set to take effect March 1, President Obama called on Congress to pass a mix of stopgap measures to avert the economic damage and give Congress more time to figure out a solution. Obama didn't go into specifics, but he said the package should be a mix of budget cuts and tax reforms. Responding to early reports about the president's proposal, House Speaker John Boehner said Republicans would oppose any tax increases.