U.S. President Barack Obama said Saturday Congress must compromise to stop the impact of the so-called sequester budget cuts. In his weekly radio and Internet address, Obama said a series of harmful budget cuts have taken effect because Republicans in Congress refused to compromise to close tax loopholes for the wealthiest Americans, and hundreds of thousands of people will lose their jobs or have their pay cut as a result. The president called on Congress to replace the cuts with a "balanced approach" that reduces the deficit while making "smart investments" to grow the U.S. economy. "On Friday, I met with leaders of both parties in Congress to try and find a way forward in light of the severe budget cuts -- known in Washington as 'the sequester' -- that have already started to inflict pain on communities across the country. "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 was quoted as saying by the United Press International (UPI).
