The Congressional Progressive Caucus held a press conference addressing debt and deficit reduction. During the briefing, leaders of the caucus, Reps. Keith Ellison (D-MN) and Raul Grijalva (D-AZ), unveiled legislation called “The Balancing Act."
The bill acts to eliminate automatic spending cuts and provides proposals for long term deficit reduction. Earlier on Tuesday, President Obama delivered remarks at the White House urging Congress to for smaller spending cuts and increased tax revenue to delay automatic spending cuts known as sequestration. March 1st is when automatic spending cuts in both defense and non defense spending will take place.