Obama in weekly address: Congress must end sequester through compromise

These cuts are not smart. They will hurt our economy and cost us jobs. And Congress can turn them off at any time ' as soon as both sides are willing to compromise.

As he did last week, President Obama used his Saturday morning address to the nation to hammer home the consequences of the automatic cuts that went into effect yesterday'and he pointed to the obvious solution: For Congress, namely the uncompromising Republicans, to agree to some revenue-boosting tax hikes. The cuts to education, research and defense, he said, are too draconian and can arrest the fragile economic recovery.

The consequences of prolonged cuts will be very real, he warned:

Beginning this week, businesses that work with the military will have to lay folks off.  Communities near military bases will take a serious blow. Hundreds of thousands of Americans who serve their country ' Border Patrol agents, FBI agents, civilians who work for the Defense Department ' will see their wages cut and their hours reduced.

The ripple effect could cost the economy 750,000 jobs, he said. And there's only one group of people who are responsible:

Here's the thing: none of this is necessary. It's happening because Republicans in Congress chose this outcome over closing a single wasteful tax loophole that helps reduce the deficit.

We've made the cuts, he said, now it's time for a balanced approach that closes loopholes for the wealthy. The fact that congressional Republicans refuse to budge is a real problem, he said, and a majority of Americans, including Republicans, favor the balanced approach. "We just need Republicans in Congress to catch up with their own party and the rest of the country," he told listeners.

He closed the address vowing to reach out to what he called "the common sense caucus" in Congress to fight the intractability and paralysis of the obstructionist Republicans. And as a country, he concluded, we should continue to aim to provide high-quality preschool, a raise in the minimum wage, fixes to the immigration system, transportation repairs and solutions to gun violence.

To read the transcript in full, check below the fold or visit the White House website.