Obama Demands Further Revenue To Defuse Sequester After Deal
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BENJY SARLIN 1:54 PM EST, MONDAY DECEMBER 31, 2012
The emerging fiscal cliff deal in Congress will only delay scheduled spending cuts -- the so-called "sequester" -- and President Obama said he will look to add further revenue in any future deal to offset them in addition to new spending cuts.
"Revenues have to be part of the equation in turning off the sequester," he said. He suggested that he might be open to reducing Medicare costs in the long term if it were accompanied with tax reform that eliminates deductions favoring wealthy Americans and large corporations.