Tagged: Debt Limit

The liberal watchdog group Center for Media and Democracy says Fix the Debt — a key unit in philanthropist Pete Peterson's corps of organizations to battle the national debt — is a pro-business effort masquerading as a grassroots movement.

In a conference call with reporters Friday, CMD director Lisa Graves called Fix the Debt "an Astroturf supergroup that is exceedingly well funded." The term "Astroturf" refers to groups that appear to be citizen-organized but actually have their roots at consultants' offices inside the Capital Beltway.

President Obama spoke from the White House on the nation's finances and the looming March 1st deadline for the 'sequester.'

(We updated the top of this post at 1:30 p.m. ET.)

Looking to head off deep, automatic spending cuts set to kick in on March 1, President Obama on Tuesday afternoon said that to avoid the negative economic effects that come with "political disfunction," Congress should move quickly to pass "a smaller package of spending cuts and tax reforms" that won't hurt the economy.