Transcript for Obama's Weekly Address: The Sequester Cuts
Hi everybody it. On Friday have met with the leaders of both parties in congress to try and find a way forward in light of the severe budget cuts known Washington as the sequester. That a party -- to inflict pain on communities across the country. These cuts are not Smart. They'll 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. As a nation we've already fought back from the worst economic crisis of our lifetimes and we'll get through this too. But at a time when our businesses are finally gaining some traction hiring workers bringing jobs back to America. The last thing Washington should do is to get in their way. That's what these cuts to education and research and defense will do. It's unnecessary. And at a time when too many of our friends and neighbors are still looking for work it's inexcusable. Now it's important understand that while not everyone will feel the pain of these cuts right away the pain will be real. Many middle class families will have their lives disrupted in a significant way. Beginning this week businesses that work with the military will have to lay folks off communities near military bases will take a serious blow. Hundreds of thousands of Americans who serve their country. Border Patrol agents FBI agents civilians who work for the Defense Department will see their wages cut and their hours reduced. This'll cause a ripple effect across the economy. Businesses will suffer because customers will have less money to spend the longer these cuts remain in place the greater the damage. Economists estimate they could eventually cost more than 750000. Jobs and slower economy by over one half of 1%. Here's the fact none of this is necessary. It's happening because Republicans in congress chose this outcome over closing -- single wasteful tax loophole that helps reduce the -- Just this week they decided the protecting special interest tax breaks for the well off and well connected. Is more important than protecting our military and middle class families from these cuts. I still believe we can and must replace these cuts with a balanced approach. Won the combined Smart spending cuts would entitlement reform and changes tort tax code that make it more fair for families and businesses without raising anyone's tax rates. That's how we can reduce our deficit without laying off workers or forcing parents and students to pay the price. I don't think that's too much to ask. It's the kind of approach -- proposed for two years. A majority of the American people agree with me on this approach including a majority of Republicans. We just -- Republicans in congress to catch up -- their own party in the rest of the country. Now I know -- -- Republicans in congress who would actually rather see tax loopholes closed and let these cuts go through. And I know there Democrats would rather do Smart entitlement reform and let these cuts -- -- There's a caucus of common sense out there -- to keep reaching out to them to fix this for good. Because the American people are wary of perpetual partisanship and brinksmanship. This is America and America we don't just bounce from one manufactured crisis to another. Would make Smart choices. We plan we prioritize. Some -- push through this paralysis and keep fighting for the real challenges facing middle class stamps. I'm gonna keep pushing for high quality preschool for every family that wants and make sure the minimum wage becomes -- -- Limbaugh. -- keep pushing to fix our immigration system prepare our transportation system and keep our children safe from problems. That's the work you elected me to do and that's what I'm focused on every single threat. Thanks so much.
This transcript has been automatically generated and may not be 100% accurate.