Obama: Not everyone will feel pain of cuts right away

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-- here has -- -- the -- we're delighted with severe budget cuts that starts to take effect.

Today.

I told them these cuts will hurt our economy.

Will cost us jobs.

And to set it right both sides need to be willing to compromise.

-- a good news -- the American people are strong and the resort.

They fought hard to recover from the worst economic crisis.

Since the great depression and we will get through this as well.

Even what these cuts in place folks all across this country will work hard to make sure that.

We keep the recovery going.

But Washington sure isn't making movies.

At -- time when our businesses have finally begun to get some traction.

Hiring new workers bringing jobs back to America.

We shouldn't be making a series of -- arbitrary cuts to things that businesses depend -- And workers -- like education.

And research.

And infrastructure in defense.

It's unnecessary.

And a time -- too many Americans are still looking for work.

It's an excuse.

Now.

What's important understanding is that not everyone will feel the pain that of these cuts right away.

The pain -- will be real.

Beginning this week many middle class families will have their lives disrupted.

In significant ways.

Businesses that work with the military like the Virginia ship builder that I visited on Tuesday.

May have to lay folks off.

Communities near military bases we'll take a serious blow.

Hundreds of thousands of Americans who serve their country.

Border Patrol agents FBI agents.

Civilians who work at the Pentagon.

All wolf suffer.

Significant pay cuts and furloughs.

All of this will cause a ripple effect throughout our economy.

Layoffs and pay cuts means that people have less money in the pockets and that means they have -- -- to spend at local businesses.

That means lower profits better means fewer hires.

The longer these cuts remain in place the greater the damage to our economy.

A slow -- that will intensify -- each passing day.

So economists are estimating that.

As a consequence of the sequester that we could see growth cut by over one half of 1%.

-- will cost about 750000.

Jobs at a time when we should be growing jobs more quickly.

So every time that we get a piece of economic news.

Over the next month next two months next six months.

As long as -- in place -- -- bit bad economic news could have been better.

If congress -- not fail to act.

And let's be clear none of this is necessary.

It's happening because a choice that Republicans in congress.

Have made.

They allow these cuts to happen.

Because they refused to budge on closing.

A single.

Wasteful loophole to help reduce the -- As recently as yesterday they decided to protect special interest tax breaks for the well off of the well connected.

And they think that that's apparently more important than protecting our military or middle class families from the pain of these cuts.

I do believe.

That we can and must replace these cuts were -- more balanced approach that's something from everybody.

Smart spending cuts.

Entitlement reform.

Tax reform that makes the tax code more fair for families and businesses without raising tax rates.

Also that we can responsibly lower the deficit without laying off workers are forcing parents to scramble for child care.

We're -- financial aid for college students.

I don't think that's too much to ask I don't think that is partisan.

It's the kind of approach that I proposed for two years that's what I ran on last year.

The majority of the American people agree with me and this approach.

Including by the way a majority of Republicans.

We just need Republicans in congress to catch up Liberal Party and the country on this and if they did so we could make a lot of progress.

I do know that there are Republicans in congress who privately at least say that they would rather close tax loopholes that let these cuts go through.

I noted there Democrats who'd rather do Smart entitlement reform than what these cuts go through.

So there is a caucus of common sense up on Capitol Hill it's just it's a silent group right now and we want.

To make sure that their forces start getting hurt in the coming days in the coming weeks -- about keep on reaching out to them.

Both individually and as as groups of senators or for members of the house and say to them what's Texas.

I defer Mumford through but for years to -- because the greatest nation on earth does not conduct its business.

In a month to month increments.

Or by careening from crisis to crisis and America's got a lot more work to do.

In the meantime we can't let.

Political gridlock around -- budget stand in the way of other areas where we can make progress.

I was pleased to see that the house passed the violence against women act yesterday.

That is a big win.

Four.

Not just women but for families and for the American people.

It's a -- that's gonna save lives and help more Americans live free from fear it's something.

That we've been pushing -- for a long time I was glad to see that done.

And it's an example of how we can still get.

Some important bipartisan legislation through this congress even though there's still these fiscal arguments taking place.

I think there are other areas where we can make progress.

Even with -- -- -- results.

I will continue to push for these initiatives of the -- fortune for high quality preschool for every family that wants.

I'm gonna keep pushing to make sure that we raise the minimum wage so that it's one that families can -- -- Gonna keep on pushing for immigration reform and reform -- voting system and improvements on our transportation sector.

And I'm gonna keep pushing for sensible.

Got reforms.

Because I still think they deserve a vote.

This is the agenda of the American people voted for.

These are America's priorities.

There too important to go unaddressed and I'm gonna keep -- to make sure that we see them through.

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Obama: Not everyone will feel pain of cuts right away

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