Obama: Sequestration 'dumb way of doing things'

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Obama: Sequestration 'dumb way of doing things'
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - President Barack Obama heaped scorn Tuesday on Congress for not replacing the sharp across-the-board spending cuts known as sequestration. In a speech to workers at Newport News Shipbuilding, Obama called sequestration "a dumb way of doing things" that would weaken the economy and military readiness. "The longer these cuts are in place, the greater the damage," Obama said. He called for Republicans to work with him on a compromise that would include closing some tax loopholes. The president rejected an idea floated by Senate Republicans that would give the White House more flexibility to decide which cuts to make but would keep the total cuts at $85 billion over the next seven months.