In his weekly address, President Obama tells the American people that a series of harmful budget cuts—called the sequester—have taken effect because Congress failed to act. Because Republicans in Congress refused to compromise to close tax loopholes for the wealthiest Americans, hundreds of thousands of Americans will lose their jobs or see their paycheck reduced, and middle class families will be hurt. Congress must join the President now to replace these cuts with a balanced approach that reduces our deficit while also making smart investments in areas that help our economy grow.

Full transcript of the President's remarks below the fold...

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