Barack Obama wants action on government borrowing limit
HONOLULU: President Barack Obama comes from a last-minute deal that pulled the country back from the "fiscal cliff," but he warned that "no compromise" over his insistence that Congress, the federal debt ceiling lift.
Obama said in his radio and Internet address yesterday that the fiscal cliff deal, approved by Congress on New Year and signed Thursday taxes on the wealthiest Americans increases, while preventing a middle class tax increase that could have thrown back the economy into recession.
With a crisis behind him, Obama face new battles in Congress on raising the country USD 16.4 trillion borrowing limit, and scaling back more than $ 100 billion in automatic cuts to military and domestic programs. The cuts are postponed by two months under the compromise.
Lawmakers promise that across the board with more specific steps that could take longer to implement replacement. Obama, speaking from Hawaii, where he is on holiday with his family, said he is willing to more cuts and tax increases to reduce the deficit to consider.
But he said he will not compromise his urge Congress to lift the debt ceiling. The nation's credit rating was downgraded last time lawmakers threatened inactivity on the debt ceiling in 2011.
"If Congress refuses the United States the ability to pay bills on time, the consequences for the world economy would be catastrophic," Obama said. "Our families and our businesses can not afford to re dangerous game."
As elected officials of both parties' focus on the interests of our country above the interests of the party, I am confident that we can cut spending and raise revenue in a way that reduces our deficit and protect the middle class, "Obama said.
In the Republican address, Rep. Dave Camp of Michigan said that if the focus again on the button to the debt limit, "we need responsible ways to reduce waste from Washington to tackle."
Americans know that "if you have no money in your account and your credit cards are maxed out, then spending must stop," Camp said.
HONOLULU: President Barack Obama comes from a last-minute deal that pulled the country back from the "fiscal cliff," but he warned that "no compromise" over his insistence that Congress, the federal debt ceiling lift.
Obama said in his radio and Internet address yesterday that the fiscal cliff deal, approved by Congress on New Year and signed Thursday taxes on the wealthiest Americans increases, while preventing a middle class tax increase that could have thrown back the economy into recession.
With a crisis behind him, Obama face new battles in Congress on raising the country USD 16.4 trillion borrowing limit, and scaling back more than $ 100 billion in automatic cuts to military and domestic programs. The cuts are postponed by two months under the compromise.
Lawmakers promise that across the board with more specific steps that could take longer to implement replacement. Obama, speaking from Hawaii, where he is on holiday with his family, said he is willing to more cuts and tax increases to reduce the deficit to consider.
But he said he will not compromise his urge Congress to lift the debt ceiling. The nation's credit rating was downgraded last time lawmakers threatened inactivity on the debt ceiling in 2011.
"If Congress refuses the United States the ability to pay bills on time, the consequences for the world economy would be catastrophic," Obama said. "Our families and our businesses can not afford to re dangerous game."
As elected officials of both parties' focus on the interests of our country above the interests of the party, I am confident that we can cut spending and raise revenue in a way that reduces our deficit and protect the middle class, "Obama said.
In the Republican address, Rep. Dave Camp of Michigan said that if the focus again on the button to the debt limit, "we need responsible ways to reduce waste from Washington to tackle."
Americans know that "if you have no money in your account and your credit cards are maxed out, then spending must stop," Camp said.
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