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Obama says fiscal situation "untenable"
President Obama hosts the President's Economic Recovery Advisory Board (PERAB) meeting in the State Dining Room of the White House, October 4, 2010.
Credit: Reuters/Jason Reed
WASHINGTON |
WASHINGTON (Reuters) - President Barack Obama on Monday said the United States was facing an "untenable fiscal situation" and would have to get serious about tackling its federal deficit.
The U.S. budget deficit is forecast at a record $1.47 trillion in the fiscal year that ended on September 30, 2010.
Obama said that emergency government spending measures he took to support growth and hiring when he took office last year had temporarily added to the funding gap, but the deficit had to be tackled going forward.
"I realize that we are facing an untenable fiscal situation," he told a meeting of his economic recovery advisory board to discuss strengthening the partnership between community colleges and the private sector. "What I won't do is cut back on investments like education."
Obama's Democrats, who face punishment in upcoming November 2 congressional midterm elections from voters worried about the country's high deficit, argue their Republican Party rivals would cut spending on education.
(Reporting by Matt Spetalnick and Alister Bull; Editing by Eric Beech)
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…and who said they were the party of small government while they ran Congress and ran the debt up 66% in 8 years so that they could give the rich tax cuts while we were borrowing monety from China…our republican friends( before the crises)
Democrats and Republicans…the only difference between them is the lies they tell….FIRE THEM ALL.
There is a second deficit, the trade deficit. Boehner wants to pass even more free trade agreements, which eliminate American jobs by allowing multinational corporations to import foreign goods as if they were “Made in the USA.” Good for corporations, but bad for American workers.
There is a third deficit, the integrity / intelligence deficit. Firing Cabinet members Tim Geither, Ron Kirk, Gary Locke, and Steven Chu will drastically improve this deficit.
http://saucymugwump.blogspot.com/
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