Obama To Press Congress To Revisit $1.2 Trillion In Cuts

By Andrew Taylor

WASHINGTON -- In its budget submission next month, the Obama administration will urge lawmakers to revisit the failed attempt by a congressional supercommittee to cut the deficit by at least $1.2 trillion, the White House says.

The proposal runs counter to the common wisdom in Washington that any major deficit reduction effort is unlikely in a presidential election year. Instead, lawmakers are focusing on a one-year extension of a payroll tax cut and supplemental jobless benefits sought by the president as part of last fall's jobs agenda.