CompromiseThe far-reaching across-the-board budget cuts is about to take effect in less than a week and it looks like President Barack Obama wants to get the help from the nation’s governors to urge Congress to compromise on an agreement that would prevent the sequestration. He said that the governors know that compromise is important to get the job done.

President Obama made the plea when he spoke to the National Governors Association at the White House. He repeated his warnings about the impact the budget cuts will have on the nation’s economic status.

He accused Congress of threatening to allow the automatic budget cuts to take effect, which he said could slow down the economy and eliminate jobs. He said that the cuts’ impacts will not be felt on March 1 but the uncertainty it brings already has an effect. Companies are already preparing layoff notices and families cutting back on expenses. The longer the cuts are in effect, the larger the impact would be.

The cuts are spread evenly between non-defense and defense discretionary spending. Economists have cautioned that letting the cuts to continue would place the nation into another recession. The White House recently released an analysis of the programs affected by the budget cuts.

In recent weeks, President Obama bolsters his efforts to come up with a deal to prevent the sequester. He pushed for an alternative proposal that would implement budget cuts while overhauling the tax code in order to get more revenue for the government.

President Obama said that Democrats need to support modest reforms in Medicare. He added that Republicans must also compromise on the tax reform that House Speaker John Boehner pushed two months ago.

He described the tax reform as not having any rate go up but decrease the deficit by removing tax loopholes that benefit only the rich and well-connected. He said that additional revenue will be made through smart spending cuts.