Obama jobs package won't bust debt ceiling: White House

WASHINGTON Wed Sep 7, 2011 3:01pm EDT

WASHINGTON (Reuters) - A package of job-creation and economic growth proposals that President Barack Obama will put before Congress will be paid for and will not breach the legal U.S. borrowing limit, the White House said on Wednesday.

"We're not going to bust the debt ceiling," White House press secretary Jay Carney told a news briefing.

The president will deliver a major jobs speech to a joint session of Congress on Thursday.

Carney declined to confirm reports Obama would lay out a $300 billion package before lawmakers, who last month backed a $2.1 trillion increase in the U.S. debt ceiling in three steps, after agreeing to seek spending cuts of at least that amount.

Obama "will put forward, both in his speech and supporting material, a very detailed set of proposals to grow the economy and create jobs," Carney said. "They will be specific, they will be measurable, they will be paid for," he said.

Job creating proposals that lead to an increase in government spending could potentially lift U.S. borrowing toward the legal limit if they are large enough and not paid for fast enough by other measures to boost revenue or curb spending elsewhere.

(Reporting by Alister Bull, Matt Spetalnick and Laura MacInnis; editing by Mohammad Zargham and Eric Beech)

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Comments (1)
heyhey567 wrote:
I voted for Obama. I even gave money to his campaign. I cannot believe what is happening in our country: finger-pointing among Democrats and Republicans in Congress, finger-pointing among the President and Congress, finger-pointing among the people and their elected officials. It is high time everyone stopped the finger-pointing and DID SOMETHING!!Am I the only person concerned about the deficit, the debt, and government expenditures gone wild? Tax cuts for this group and that group? I hope the President knows that many people like me, independents who voted for him, may just sit this one out. The Republicans don’t look like they have much better. I even considered voting for Ron Paul but then came to my senses. The American people are FRUSTRATED!!

Sep 07, 2011 12:30am EDT  --  Report as abuse
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