President Obama calls on Congress to avoid automatic budget cuts

President Barack Obama will call on Congress pass a small package of spending cuts and tax reforms that will put off the automatic spending cuts scheduled to take place last month. The White House tweeted that Obama's address will be carried live at 1:15 p.m. EST. Known as a "sequester," the round of automatic spending cuts would have "harmful consequences" to the nation's economy, a White House official told Reuters.