Obama to propose plan for delaying the sequester

President Obama on Tuesday will call on Congress to pass a small package of spending cuts and tax changes to delay deep reductions in domestic and defense spending from starting next month, a White House official said.

The official did not name any specific spending cuts or tax changes — which ultimately could include the closing of loopholes or deductions benefiting the wealthy or select industries — but said they should postpone the automatic spending reductions, known as the sequester, for a few months.

Obama will make a statement at 1:15 p.m at the White House. Any plan passed by Congress would have to reduce borrowing by tens of billions of dollars through a combination of alternative spending cuts or tax increases. It would be a stopgap measure with only weeks to go until the March 1 deadline for the onset of sequestration.