Obama urges Congress to compromise on cuts

President Barack Obama spoke in Chicago on Feb. 13. The president and congressional Republicans each seem content with the political ground they hold and are prepared to let across-the-board spending cuts take effect on March 1, unlike during earlier rounds of budget brinkmanship that saw last minute frantic dealmaking. This time, there is no market-rattling threat of a US. default to force the two sides to compromise, no government shutdown on the short-term horizon and no year-end deadline to prevent a tax increase for every working American.