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Obama urges Congress to balance spending cuts, tax reform
Source: Xinhua |
February 10, 2013, Sunday
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Online Edition
Online Edition
US President Barack Obama pressed Congress yesterday to find a balanced mix of spending cuts and tax reform, as they negotiated ways to cut deficit.
In a weekly radio and Internet address, Obama said a balanced, comprehensive way referred to making sensible changes to entitlement programs and reforming tax code.
If U.S. lawmakers fail to hash out a budget deal by March 1, a series of automatic cuts to investment and defense spending will take effect. It would be a huge blow to the US economy as a whole. Economists estimated it may translate into a 0.6 percentage point drag on US economic growth, widely expected at around 2 percent this year.
Obama said he acknowledged the budget process took time and suggested Congressmen moving forward with a short-term deal as they had done at the beginning of this year until they can find a longer-term solution.
In a weekly radio and Internet address, Obama said a balanced, comprehensive way referred to making sensible changes to entitlement programs and reforming tax code.
If U.S. lawmakers fail to hash out a budget deal by March 1, a series of automatic cuts to investment and defense spending will take effect. It would be a huge blow to the US economy as a whole. Economists estimated it may translate into a 0.6 percentage point drag on US economic growth, widely expected at around 2 percent this year.
Obama said he acknowledged the budget process took time and suggested Congressmen moving forward with a short-term deal as they had done at the beginning of this year until they can find a longer-term solution.
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