Obama Urges Congress to 'Compromise' on Cuts

By Associated Press | 

WASHINGTON (AP) -- President Barack Obama says Congress can keep across-the-board cuts from taking effect with "just a little bit of compromise."

Speaking to the nation's governors, Obama says the impact of the budget cuts may not be felt immediately. But he says the uncertainty created by the cuts is already having an effect on the economy.

Monday the president said the longer the cuts are in place, the deeper the impact will be on the economy.

Unless Congress acts, $85 billion in cuts will go into effect Friday.

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