The president, however, made clear this week that he expects the government to collect more tax revenues as part of its eventual "sequester" solution.

"I want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, those also have to be balanced," Mr. Obama said Monday, "because, remember, my principle always has been let's do things in a balanced, responsible way. And that means the revenues have to be part of the equation in turning off the sequester and eliminating these automatic spending cuts, as well as spending cuts."