U.S. President Barack Obama blames Republicans for the 85 billion U.S. dollars of automatic budget cuts that will take place over the next seven months.
He said Republicans are unwilling to help reduce the federal debt by raising taxes on the wealthy.
He called for a negotiated settlement, saying the 'sequester' will inflict pain on the economy and national defense.

"It's happening because Republicans and Congress chose this outcome over closing a single wasteful tax loophole that helps reduce the deficit. Just this week, they decided that protecting special interest tax brakes for the well-off and well-connected is more important than protecting our military and middle-class families from these cuts."

The Obama administration wants spending cuts that are accompanied by the closure of tax loopholes for the wealthy.
Republicans strongly oppose new taxes.

"Frankly I think the biggest threat to the future for our kids and grandkids. You can't keep spending the money you don't have."

As a temporary budgetary measure funding the government expires on March 27th, the government will face a shut down if Republicans and Democrats cannot reach an agreement on continued funding by then.
The House of Representatives is set to vote this week on a deal to prevent the federal shutdown, but there is the risk this could end in another political deadlock.
Heo Seung-ha, Arirang News.

Reporter : annaheo@arirang.co.kr