Pres. Obama asked Congress, in remarks at the White House, to pass short term legislation to cut spending and increase tax revenue so the so called "sequester" can be delayed for a few months. March 1st is when automatic spending cuts in both defense and non defense spending will take place.
The President stated that the economy is moving in the right direction but Congress needs more time to come up with a "balanced mix of spending cuts and tax reform."
Following the Remarks by the President, White House Press Secretary Jay Carney answered questions from the press.