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Obama Expresses Optimism Sequestration Can Be Avoided

President Barack Obama believes Congress will figure out how to avoid the more than $1 trillion cuts under sequestration scheduled to start in January, the Virginian-Pilot reports.

In an Oval Office interview with Kate Wiltrout, Obama said both parties should agree to a proposal that includes both spending cuts and tax revenue increases.

The interview took place through a White House outreach to Hampton Roads-based media outlets, Wiltrout wrote.

Under sequestration, the cuts are to be split equally between defense and nondefense spending because a bipartisan committee could not come up with a deficit reduction proposal before Thanksgiving 2011.

Citing analysts, Wiltrout reports the $500 billion-plus in defense cuts would result in more than 200,000 workers losing their jobs in Virginia.

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