Obama said this balanced mix of spending cuts and tax

reform is the best way to finish the job of deficit reduction. He said that the overwhelming majority of the American people -- Democrats and Republicans, as well as independents -- have the same view. "And both the House and the Senate are working towards budget proposals that I hope reflect this balanced approach. Having said that, I know that a full budget may not be finished before March 1st, and, unfortunately, that's the date when a series of harmful automatic cuts to job-creating investments and defence spending -- also known as the sequester -- are scheduled to take effect," he said. "So if Congress can't act immediately on a bigger package, if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then I believe that they should at least pass a smaller package of spending cuts and tax reforms that 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," said the US President. Obama argued there is no reason that the jobs of thousands of Americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in Washington couldn't come together to eliminate a few special interest tax loopholes or government programs that we agree need some reform. "Congress is already working towards a budget that would permanently replace the sequester. At the very least, we should give them the chance to come up with this budget instead of making indiscriminate cuts now that will cost us jobs and significantly slow down our recovery," he said.