(MENAFN) US President, Barack Obama, urged Congress to balance spending reductions and tax reform in order to reduce deficit, reported Xinhua News.
Obama said in his weekly radio and internet address that balanced rational changes must be made to entitlement programs and reforming tax code.
The US president, who admitted that the budget process took time more than expected, recommended Congress to move forward with a short-term agreement, until they can find a longer-term solution.
It is worth noting that a number of automatic reductions to investment and defense spending will go into operation in case US lawmakers fail to reach a budget deal by March 1.
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