WASHINGTON — President Barack Obama says looming automatic budget cuts will cause a "tumble downward" for the economy.

He acknowledges many people may not immediately notice the full impact of the so-called sequester cuts if they take effect Friday. But he says yanking $85 billion from the economy this year would be a "big hit" on a nation still trying to fully recover from a recession.

Speaking to business executives Wednesday, Obama acknowledged it will be difficult for lawmakers to reach a deal to offset the cuts by Friday. He says the logjam is not technical, "it's political.

The president wants Republicans to drop their opposition to using some new tax revenue to offset the cuts. And he says members of his own party must accept some changes to government entitlement programs.

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  • Defense

    About half of the sequestration consists of <a href="http://armedservices.house.gov/index.cfm/files/serve?File_id=b276f1fe-4529-4f63-bf10-d26d0444797c" target="_hplink">defense spending cuts</a>, which would "drastically" shrink the military and cancel defense contracts, according to the House Armed Services Committee. (John Cantlie/Getty Images)

  • Emergency Response

    The sequestration would slash funding for the government's <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">emergency response system</a> for disasters such as hurricanes, according to the White House. (Bruce Bennett/Getty Images)

  • Unemployment Benefits

    <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">Checks for unemployed people</a> looking for work would shrink by up to 9 percent, according to the White House. (J Pat Carter/AP Photo)

  • Homelessness Programs

    More than 100,000 <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">formerly homeless people</a> would lose their current housing as a result of sequestration, according to the White House. (Mark Lennihan/AP Photo)

  • Rental Assistance

    About 125,000 low-income families would be at risk of losing their housing because of <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">rental assistance cuts</a>, according to the White House. (Barry Gutierrez/AP Photo)

  • Mental Health Programs

    The sequestration would eliminate care for up to 373,000 <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">"seriously mentally ill" people</a>, according to the White House. (Eric Gay/AP Photo)

  • Food Safety

    The FDA would conduct fewer <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">food inspections</a> as a result of sequestration, according to the White House. (Mike Hentz/AP Photo)

  • Head Start

    About 70,000 children would lose access to the early education program <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">Head Start</a> as a result of the sequestration, according to the White House. (Elaine Thompson/AP Photo)

  • Small Business Assistance

    The government's <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">small business loan guarantees</a> would get slashed by nearly $1 billion as a result of the sequestration, according to the White House. (Steven Senne/AP Photo)

  • Scientific Research

    The sequestration would slash <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">scientific research funding</a> at the National Institutes of Health (NIH) and National Science Foundation (NSF), according to the White House. (Spencer Platt/Getty Images)

  • HIV Prevention

    Up to 424,000 <a href="http://www.whitehouse.gov/the-press-office/2013/02/08/fact-sheet-examples-how-sequester-would-impact-middle-class-families-job" target="_hplink">HIV tests</a> would be on the chopping block as a result of sequestration, according to the White House. Thousands of people with HIV also would lose access to "life-saving" HIV medications. (Darren Abate/AP Images for AIDS Healthcare Foundation)