Just hours after across-the-board spending cuts kicked in, U.S. President Barack Obama pressed Congress to work with him on a compromise in his weekly address.
(SOUNDBITE) (English) UNITED STATES PRESIDENT BARACK OBAMA, SAYING:
"These cuts are not smart. They will hurt our economy and cost us jobs. And Congress can turn them off at any time - as soon as both sides are willing to compromise."
Obama issued a warning on the cost of the impasse.
(SOUNDBITE) (English) UNITED STATES PRESIDENT BARACK OBAMA, SAYING:
"The longer these cuts remain in place, the greater the damage. Economists estimate they could eventually cost us more than 750,000 jobs and slow our economy by over one-half of one percent."
Without a resolution government agencies will have to slash $85 billion from their budgets by October 1.
