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Obama says across-the board cuts are not inevitable
U.S. President Barack Obama talks against automatic budget cuts scheduled to take effect next week, while in the South Court Auditorium in the Eisenhower Executive Office Building in the White House complex in Washington February 19, 2013.
Credit: Reuters/Larry Downing
WASHINGTON |
WASHINGTON (Reuters) - President Barack Obama said on Friday he does not believe it is inevitable that Congress will let deep automatic spending cuts go into effect March 1.
Obama and congressional Republicans are at loggerheads over government spending and taxes, and do not appear to be on track to prevent the cuts, known as sequestration, from going into effect as scheduled.
Obama said that if allowed to take place, the reductions would slow the U.S. economy, with a ripple effect on growth around the world. However, the spending cuts are not likely to cause a shock to the world's financial system, he said during a meeting with Japanese Prime Minister Shinzo Abe.
(Reporting By Jeff Mason, Roberta Rampton and Mark Felsenthal; Editing by Vicki Allen)
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Less than two months ago our First Family vacationed in Hawaii at a cost of 3.5 million, and this week they took, not one, but two vacations to Palm Beach, and Vale at a cost of almost two million dollars.
85 billion dollars in sequestration cuts are a 2.37% cut in the budgeted spending, and actually they cuts in the increase only. We are destroying the future of our nation under crushing debt, and the news media is a willing accomplice.
I would even venture $500,000 per person should they identify a 10% reduction in spending under the same terms. The $2.5 million would be money well spent.
They can then spend my $500 on aspirin to relieve the headaches they endured from shaking their heads so frequently at the gross inefficiencies and waste they identified.
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