Join        Login             Stock Quote

Obama urges balanced plan to end debt

Saturday, February 9, 2013 9:46 AM

WASHINGTON, Feb. 9 (UPI) -- Republicans in Congress should seek an approach to reducing the national debt that doesn't involve deep cuts in vital services, President Obama urged Saturday.

In his weekly address, Obama said GOP representatives and senators should work with their Democratic counterparts in a "balanced, comprehensive way" to resolve their differences before sequestration forces severe across-the-board cuts.

The deficit has already been cut by $2.5 trillion through spending cuts and tax hikes on wealthier Americans, he said, more than halfway to the needed $4 trillion in cuts.

Should sequestration go into effect March 1, the president said, "the result could be a huge blow to middle-class families and our economy as a whole."

Obama said there was "another option" for the current GOP plan would put the burden for reducing the debt on seniors and the middle class.

"I believe we can finish the job the same way we've started it -- with a balanced mix of more spending cuts and more tax reform," he said. "And the overwhelming majority of the American people agree -- both Democrats and Republicans.

"Over the last few years, we've made good progress towards reducing our deficit in a balanced way. There's no reason we can't keep chipping away at this problem," Obama continued.

"At a time when economists and business leaders from across the spectrum have said that our economy is poised for progress, we shouldn't allow self-inflicted wounds to put that progress in jeopardy," he said.

(Source: UPI )
(Source: Quotemedia)


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.