Obama to decide on more deficit talks
Obama may call for more talks on debt deficit.
US President Barack Obama is scheduled to decide on Saturday if he will summon lawmakers for another round of talks on the current government debt deficit issue.
The new round of debt and deficit talks will be set to weigh the chances of progress for the Congress to raise the $14.3 trillion borrowing limit by August 2.
In his weekly radio and Internet address held earlier, Obama stress that the problem on the country’s deficit cannot be solved “without cutting spending.”
“But you also can’t solve it without asking the wealthiest Americans to pay their fair share–or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get.”
Republican leaders remain defiant to Obama’s call for a tax hike. In a statement to reporters, Republican Senator Orrin Hatch said that “the solution to a spending crisis is not tax increase.”
“Washington has constantly demonstrated that it cannot control its urge to spend,” he added.
The House of Representatives will be voting on Tuesday whether or not it will pass a bill that would raise the debt ceiling by $2.4 trillion balanced budget amendment. Republican leaders are expecting that this may fail in the Democratic-controlled chamber.
On Thursday, President Obama told lawmakers to come up with a debt deficit solution by Saturday, adding that the need for further talks on Saturday and Sunday may be called if needed.
Short URL: http://totalnewsonline.com/?p=419
Posted by Mahek Godhwani
on Jul 16 2011. Filed under Featured, Finance.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
The national deficit has made the US the laughing stock for the rest of the world. We collect so much in taxes, there is no reason for us not to have enough money to pay our bills. Here is a great rule of thumb to follow. If you don’t have the money, don’t spend the money. There is no reason that our youngsters should be inheriting the poor choices of our government. Figure out a deal and let’s get back on the winning track!