| Obama: Do As I Say, Not As I Do |
| Feb-05-2013 |
| Keywords: obama, short-term budget, sequestration, spending cuts, military, government spending, deficit |
President Obama plead with Democrats and Republicans in Congress to pass a short-term package of spending cuts and tax reform aimed at averting $85 billion in automatic spending cuts set to slice into defense and domestic government spending March 1.
"There is no reason that the jobs of thousands of Americans ... not to mention the growth of the entire economy, should be put in jeopardy just because folks in Washington couldn't come together," Obama said during his brief statement at the White House on Tuesday.
President Obama pointed to the more than $2 trillion in deficit spending reductions achieved through reforms to health care reform and higher taxes on the wealth as evidence that a compromise could be reached despite political differences.
"They should at least pass a small package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester," Obama said.
Prior to the president's press conference, White House officials claimed that the a short-term solution "will allow Congress more time to reach a solution that permanently avoids the (automatic cuts) and significantly reduces the deficit in a balanced way."
However, Obama's plea for another short-term fix is being met with opposition among Republican leaders - many of whom are still dismayed by the Obama administrations failure to submit a budget. Something it was legally required have done by Monday Feb 4.
"We believe there is a better way to reduce the deficit, but Americans do not support sacrificing real spending cuts for more tax hikes," House Speaker John Boehner said in a statement.
"The clock is ticking. It's time to get serious," Senate Republican Leader Mitch McConnell said.
McConnell accused Obama delaying the cuts "for a few months with more permanent tax hikes at a time when American families are already feeling the pinch of the Obama economy."
The president's call for tax reform came at no surprise to anyone on Capitol Hill. Over the weekend, the president told CBS that he wants to raise revenue by closing loopholes.
"There is no doubt we need additional revenue, coupled with smart spending reductions, in order to bring down our deficit," he said.
The automatic cuts are part of a 10-year, $1 trillion deficit reduction plan that was supposed to be a punitive measure aimed a spurring Congress to arrive at a more rational targeted set of spending cuts.
If the automatic cuts go into affect early next month, they would slash Pentagon spending by 7 percent and domestic programs by 5 percent. Food stamps and Medicaid are exempt from the axe, but Medicare could take up to a 2 percent hit under the sequestration plan. |
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Posted by Lou Dobbs Staff at 1:00 PM Email to a friend |
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