President Barack Obama supports $2 in spending cuts for every $1 in revenue for a sequester replacement bill, White House Press Secretary Jay Carney said Friday.
Carney also said the White House was open to a bill that would avert the sequester for as little as two months.
Obama, for his part, said in a press conference with Japanese Prime Minister Shinzo Abe that he would continue to talk to members of Congress and the American people as he pushes for a balanced plan to replace the sequester, including revenue from closing loopholes.
“This should be a no-brainer,” Obama said, warning that allowing the automatic spending cuts to take effect would slow the recovery, although he said it would not be as harmful to the world financial system as the threat of defaulting on the debt.
As for the odds that Congress will still act, Obama said, “Hope springs eternal.”
Carney was asked by reporters about the Senate Democrats’ bill — which would offset the sequester for the rest of the calendar year with half new revenue and half spending cuts split between defense and farm programs.
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